Turkish business group expects economic down turn to ease in Q2

Hurriyet Daily News with wires

Arzuhan Dogan Yalcindag said during a Turkish-Portuguese business forum in Istanbul that the business group hopes that the country will sign a long-awaited loan deal with the IMF in the near future. 

She also said a recent cabinet reshuffle, including mainly financial posts within the government, signaled a renewed emphasis on reviving the ailing local economy.

"In the light of these developments and measures, we expect that the impact of the crisis will lose force in the second quarter," Yalcindag said.

"What is important at this point is that Turkey is expected to be ready after the end of the crisis in 2010 to offer opportunities for business people planning to invest in the country, with its growth potential, dynamic economic structure and young and motivated human resources," she added.

Turkey's economy contracted 6.2 percent in the final quarter of 2008 and is expected to shrink around 5 percent this year.