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    Turkish business leader warns on growth, urges to restore confidence

    HotNewsTurkey Staff
    10 Ekim 2008 - 09:43Son Güncelleme : 10 Ekim 2008 - 13:54

    The chairperson of Turkey's leading business group warned Friday on the slowdown of the country's growth, and urged the government to restore market confidence. (UPDATED)

    The global economy faces the biggest crisis since 1929, chairperson of Turkish Business Industrialists’ and Businessmen's Association (TUSIAD), Arzuhan Dogan Yalcindag, said on Friday.

     

    "The Turkish economy will also suffer from this crisis, and the growth will slowdown. We all have to very cautious because of this," she told a conference.

     

    She said the slowdown in the economy will be more obvious in the coming days, and added the country entered a process in which radical measures must be taken.

     

    "We need to watch the developments in the world very carefully and prevent the erosion of confidence in order to get through the crisis with minimum loss," she added.

     

    "We should make all necessary preparations for a very quick intervention against the negative cyclical developments. More importantly we should convince markets that we are prepared," she said.

     

    Yalcindag, however, said Turkey’s banking system was healthier following reforms amid a deep financial crisis in 2001 that saw 21 banks being taken over by a government agency.

     

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