WB sees opportunities in Turkey despite biting global downturn
Posted by meb at February 11th, 2009
There is no safe harbor for investors anywhere in the world in the short term, but it is possible to say that there are some opportunities in Turkey, Ulrich Zachau, the country director of World Bank in Turkey said on Wednesday.
It is the right time for Turkey to develop reforms aiming to raise its long-term economic growth, Zachau said at an international conference in Istanbul on “Turkey: A Safe Harbor for Investors”.
Policies and reforms would be the best intervention in the global economic crisis, and the underlined importance of making investments that contributed to employment, he said
Zachau also forecast serious problems in some countries, including Turkey, due to a shortage of foreign loans soon and said that the country’s financing need would be greater this year than in 2008.
Highlighting the importance of employment creation, Zachau said that the Turkish government had not taken a significant step in relation to labor reforms in 2008, which had direct relation to the current fall in employment, particularly among young people and women.
The World Bank country director enumerated short-time policies that need to be implemented to avoid economic recession as preserving employment, granting incentives, and protecting people under sensitive conditions.
source: Hurriyet daily news
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