World Bank: Turkey Will Get Over From The Crisis More Easily.

In an interview with Hurriyet, World Bank Vice President for Europe and Central Asia Philippe Le Houerou said that "...Turkey would get over from the crisis more easily.... Le Houerou said, 'The 2001 crisis has been tackled so successfully in Turkey that you are in an advantageous position as compared with other countries in this current crisis,' and reminded that other countries were dealing with both the crisis faced by the financial sector and the economic crisis, but Turkey was dealing with only the impacts of economic crisis....

Stating that the solemnity, commitment and foresight exhibited by thee economy team in Turkey is a great advantage in the preparation of medium-term program, Le Houerou emphasized that there was a need for reform... Noting that global economy would recover but this would be a slow process, Philippe Le Houerou said, 'We are in a cautious optimism. Just like the case in other countries, what the government can do in fiscal terms depends also on the position of other countries. This is because Turkey is a very open economy. Turkey's previous success and ability to achieve high growth rates were due to her realization of reforms and integration with the world. However, this now leads to her being affected from the crisis.'" [Hurriyet (Turkey)]