Turkey not immune to crisis, TÜSİAD says

ISTANBUL - Anatolia News Agency

TÜSİAD’s Boyner says Turkey needs reforms to attract more investment. AA photo

Despite its strong economy, Turkey was not immune to economic crises, said Ümit Boyner, chair of the Turkish Industry & Business Association (TÜSİAD).

In her presentation at the Competition Board’s weekly meeting yesterday, she said Turkey weathered four major economic crises over the past 20 years. “The global economic crisis that hit during the last quarter of 2008 highlighted an important reality. Despite the positive economic indicators, external crises can come knocking on our door at any time.”

There needs to be more investment in structural reforms, education and a widening of the tax base, she said.

 “As TÜSİAD, we have said on several occasions that for our country to weather external crises, we have to implement reforms to increase our competitiveness and productivity. Only in this way can we sustain our growth rates.”

On a positive note she said Turkey’s export sector had undergone fundamental changes and barriers to investment had in large been lifted. Crediting the banking sector for its reforms, she said access to financing had become much easier over the past 10 years.