Deputy PM Babacan also said Turkey would be 48% bigger in 2018 comparing to 2007’s figures according to IMF’s predictions while USA would grow by 23%, Japan by 9% and European Union countries “only with 5%”.

Ali Babacan: Turkey to attract investors in next decade too!

Turkish Deputy Prime Minister Ali Babacan said developing countries would be the attraction points for investors in the next 10 years as they were expected to grow more than developed nations through next decade, in a meeting held by a business association on Thursday.

Babacan cited the estimated world growth rate for 2014 as lower than the last year’s with a figure of 2.9% while it was 3.6% for last year, and the developing countries were expected to grow with 4.5% despite the 5.6% growth estimation in 2013. 

Babacan said Turkey’s influence on world’s economy has been growing since it became 16th biggest economy in the world while taking 7th place based on agriculture production and 6th in visiting tourist numbers. 

Deputy PM Babacan, responsible for economics, also said Turkey would be 48% bigger in 2018 comparing to 2007’s figures according to IMF’s predictions while USA would grow by 23%, Japan by 9% and European Union countries “only with 5%”.

In his remarks over the effects of anti-graft probe lately on economy, Babacan said he did not believe that the negative influence over the markets and upward moves in interest rates would not be permanent after “everything is settled when judiciary, security bodies act like real ones”. Babacan said $427 million of $764 million, which left the Turkish markets after the anti-graft operation, got back into markets on Monday and Tuesday as the negative effects of the probe was fading. 

Babacan also urged that the government would never cover up any corruption attempts and it would not be possible to reach $800 billion domestic income from $230 billion otherwise. 

“It was not easy to sustain a stable and secure financial environment,” said the head of economy Babacan, adding “we will not let this environment to be spoiled”.  

The Istanbul-based anti-graft operation that was launched on December 17 has led to the arrest of two dozens of high-profile bureaucrats, politicians and businessmen, including the sons of two former cabinet ministers and the head of Halkbank.

Regarding Halkbank’s reputation, Babacan said Halbank was targeted because it was the only bank which can do business with Iran as the bank has the credibility from both Iran and USA, referring to Halkbank’s role in gas trade with Iran.

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