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'Turkey should ensure full market confidence'

‘Turkey Should Ensure Full Market Confidence’

ANKARA – The head of a significant trade association in Turkey praised the country’s central bank for its recent measures, in particular, its interest rate hike on Thursday, calling for measures to “ensure full market confidence”.
Turkish Industry and Business Association (TUSIAD) President Simone Kaslowski told a video conference that Turkey would continue to attract foreign direct investment if it maintains an open economy and a free market of transparent way.
At the conference titled, Turkey’s Global Economy and Macroeconomic Balances Amid a Pandemic, Kaslowski stressed that for growth not to disrupt the current account, the country would need a flow program of long-term financing and reforms to improve productivity.
The implementation of such a program, he said, will allow both the recovery of Turkey’s macroeconomic balances and growth that creates jobs and increases productivity in the real economy.
“Just as Turkey was able to achieve unexpected success in the health field during the epidemic period, so can it in the field of the economy,” he said.
Also at the conference, Chief Economist Robin Brooks of the Institute of International Finance (IIF) highlighted the importance of growth in countries like Turkey.
“Turkey must grow. With its young population, its businessmen, its entrepreneurs, it is a very dynamic country. High growth rates should be observed,” he said.
Brooks also said the country should not depend on credit growth.
“We have seen the Turkish lira strengthen as a result of the current Central Bank move; it makes us happy.”
(Sahar News Monitoring Desk)

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