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Erdoğan: Europe's crisis won't even touch Turkish economy
Prime Minister Recep Tayyip Erdoğan
Economic and financial woes troubling European countries are unlikely to affect the Turkish economy, Turkish Prime Minister Recep Tayyip Erdoğan said on Wednesday, asserting that the national economy is strong enough to deal with challenges to come.
Erdoğan, who had predicted at the time that the global crisis of 2008-2009 would only touch and pass the Turkish economy, said no one should be worried over the troubles shaking the European and US economies.
The crisis in Europe will not even touch us and will pass this time. We are stronger this time, Erdoğan said, while speaking to reporters before departing for a visit to Azerbaijan. But he reiterated a warning against overspending, saying the Turks must avoid wasting away their money.
Erdoğan's remarks came after a warning from Deputy Prime Minister Ali Babacan, who said if an earthquake hits the European economies, Turkey will also be affected. Babacan said the risk for European economies was growing at an alarming rate, warning that a crisis reminiscent of that in 2008-2009 could be seen again.
A senior official of Erdoğan's Justice and Development Party (AK Party), Bülent Gedikli, has also warned of spillover effect and cautioned against overspending, saying households must save as much as they can.
No worries over weaker lira
Turkey's economy enjoyed one of the strongest growth rates in the world last year. But rampant growth, a low savings rate and increased dependence on flows of hot money have driven Turkey's external deficits to critical highs.
The lira has also weakened against the dollar and euro over the past week, but Erdoğan said there was nothing to worry about. Those who were complaining about the lira getting too strong are now complaining of the lira getting weaker. Don't worry. We will find the right balance, Erdoğan said in response to a question.
Earlier this month Turkey's Economy Minister Zafer Çağlayan said a lira stronger than 1.60 to the dollar would make Turkish goods less competitive.
Erdo
Prime Minister Recep Tayyip Erdoğan
Economic and financial woes troubling European countries are unlikely to affect the Turkish economy, Turkish Prime Minister Recep Tayyip Erdoğan said on Wednesday, asserting that the national economy is strong enough to deal with challenges to come.
Erdoğan, who had predicted at the time that the global crisis of 2008-2009 would only touch and pass the Turkish economy, said no one should be worried over the troubles shaking the European and US economies.
The crisis in Europe will not even touch us and will pass this time. We are stronger this time, Erdoğan said, while speaking to reporters before departing for a visit to Azerbaijan. But he reiterated a warning against overspending, saying the Turks must avoid wasting away their money.
Erdoğan's remarks came after a warning from Deputy Prime Minister Ali Babacan, who said if an earthquake hits the European economies, Turkey will also be affected. Babacan said the risk for European economies was growing at an alarming rate, warning that a crisis reminiscent of that in 2008-2009 could be seen again.
A senior official of Erdoğan's Justice and Development Party (AK Party), Bülent Gedikli, has also warned of spillover effect and cautioned against overspending, saying households must save as much as they can.
No worries over weaker lira
Turkey's economy enjoyed one of the strongest growth rates in the world last year. But rampant growth, a low savings rate and increased dependence on flows of hot money have driven Turkey's external deficits to critical highs.
The lira has also weakened against the dollar and euro over the past week, but Erdoğan said there was nothing to worry about. Those who were complaining about the lira getting too strong are now complaining of the lira getting weaker. Don't worry. We will find the right balance, Erdoğan said in response to a question.
Earlier this month Turkey's Economy Minister Zafer Çağlayan said a lira stronger than 1.60 to the dollar would make Turkish goods less competitive.
Erdo
