World Bank head says Turkey in much better position compared to past

ISTANBUL (A.A) - July 21, 2011 - World Bank's top official said on Thursday that Turkey was in a much better position and Turkish economy was stronger and more resistant compared to past.
Holding a press conference at International Finance Corporation's (IFC) Istanbul office, World Bank President Robert Zoellick said he had recently held fruitful talks with Turkish officials, focusing mainly on Turkey's upcoming economic reforms and plans, as well as regional and global developments.
Upon a question on whether the latest economic crisis in European countries would affect Turkey, Zoellick said Turkey still conducted 50 percent of its exports to EU countries, and therefore, economic problems in these countries would have a certain impact on Turkey.
Zoellick said the decline in foreign direct investments to Turkey stemmed from the situation in Europe.
The World Bank head noted that Turkey was now in a much better position compared to old times as it had expanded its economic relations.
He said Turkey had established a wider network of international connections and its economy was more powerful and resistant than it had been in the past.
Zoellick also said the two macroeconomic issues needing attention in Turkey were inflation and current account deficit.
The official said the current account deficit was an understandable problem as Turkey kept growing and increased its imports while doing so.
Pointing to the Turkish government's willingness to solve Turkey's structural problems, Zoellick said World Bank totally supported the government's efforts to that end.
World Bank President Zoellick arrived in Turkey on Tuesday to hold a series of talks.
Since his arrival, Zoellick has met with Turkish President Abdullah Gul, Prime Minister Recep Tayyip Erdogan and Deputy Prime Minister Ali Babacan, as well as representatives of private sector and several NGOs.