Speaking to the Anatolia news agency, Vardan stressed the importance of the real sector in the economy. “The latest developments in Dubai have shown us again that bubble economies are not sustainable and do not help economies progress. It should not be forgotten that the main components of the economy are the real sector, production in line with demand and the buying and selling of goods in real terms,” he said, adding that he hoped this event would serve as a strong warning, especially for the financial sector.
Assessing Turkey’s situation in overcoming the global financial crisis, Vardan noted that Turkey has worked to rise above the adverse effects of the crisis through proactive policies and realistic planning. “It is not possible to think that Turkey, with the 17th largest economy in the world and sixth largest in Europe, along with its foreign trade volume of approximately $340 billion, would remain unaffected by global developments. Thus, as was expected, Turkey suffered as a result of the crisis,” he said. However, he added that improvements have started to take place both in capacity utilization rates and the industry production index along with a recovery in global demand, all of which will have a positive impact on Turkey in the days to come.
Asked about whether there will be a new crisis, he asserted that the prediction of an eruption of a new crisis does not stem from real market indicators as it is all speculation. “In this regard, the upswing in prices of especially gold and oil has reached noteworthy levels. However, the decisions made in both G-20 meetings and the International Monetary Fund [IMF]-World Bank meetings are being decisively pursued by the governments, and it seems that it will prevent any possible crisis from taking place again.”
