Weak spots of our economy must be bolstered: Turkish Deputy PM Babacan

Gila BENMAYOR Hürriyet / SYDNEY

Turkish Deputy Prime Minister Ali Babacan has said emerging countries should introduce necessary measures to bolster their economy against the shocks.

Turkish Deputy Prime Minister Ali Babacan has said emerging countries should introduce necessary measures to bolster their economy against the shocks.

Babacan suggested a middle way, saying “the problems that could be prompted by Fed decisions would eventually begin to affect the U.S., and the rich countries need all economies to develop healthily.”

It falls to developing economies to see the areas where they are weak and obliged to introduce reforms, he added. 

Despite praising the effectiveness of the government’s short-term determination, Babacan said the maintenance of “universal principles” was a must and that Turkey should ensure them.  

“Markets care about questions like, ‘Is there a political authority void in Turkey? Is there a government for real or is there a parallel structure in addition to the government?’ These are issues that could affect political stability. But the government’s ‘I’m here and have control’ message was very effective. But of course, short-term steps may appease the uneasiness, but in the middle- and long-term, the state of law should be protected and superiority of law should be felt in every area,” he said.

 “A well-functioning democracy, aiming for the highest standards in fundamental rights and freedoms, a regulated market economy, accountability, fighting against corruption and a strong will, are indispensable conditions for our economy. The lack of even one of these would cause major damage to us,” Babacan added.