D-8 Secretary General Praises Turkish Economy

Istanbul, Turkey | July 05, 2007 by D-8 Secretariat

The world is witnessing the strong growth of Turkish economy over the first quarter of 2007, accompanied by low inflation figures and the rise in stock markets worldwide that resulted in a new record yesterday at the Istanbul Stock Exchange (İMKB).

In addition to that, the Turkish currency, YTL, rose to its highest level in more than two years yesterday, and stocks reached a record high on expectations of tame inflation as global investors moved into high-yielding currencies. The stock exchange increased 748.27 points in one day, representing a 1.57 percent rise. The volume of transactions at İMKB stood at YTL 633,1 million. Meanwhile, Turkish markets are also optimistic on inflation figures.

According to official figures announced yesterday, inflation in June dropped by a 0.24 percent in consumer prices and a 0.11 percent in producer prices. The Turkish Statistical Institute (TÜİK) announced that the annual inflation rate as of June was 8.6 percent in consumer price index (CPI) and 2.89 percent in producer price index (PPI). In the first six months of the year, CPI rose by 3.87 percent, while PPI rose by 2.98 percent.

Reviewing all this development, the D-8 Secretary General, Dr. Dipo Alam praised this impressive development as Turkey is one among the member of D-8 that has been playing a major role for the organisation. "This growth is really encouraging, and I believe that consequently the intra trade among D-8 member states will also raise up, since our member state's economic growth are more than 5 percent." He also underlined the fact that the signing of Free Trade Agreement between some D-8 member states such as Indonesia, Malaysia, and Pakistan with China not long ago, will boost up the volume of intra-trade in D-8 countries.

Quoting remarks by Turkish Prime Minister, Recep Tayyip Erdoğan speaking at the opening ceremony of the World Chambers Congress in Istanbul, by the end of 2006 foreign direct investment in Turkey was $20 billion. Turkish economy experienced a 6.7 percent growth in the first quarter of 2007. Exports increased by 20 percent in the first half of 2007. Inflation rate also will decrease further by the end of the year.

Erdoğan also said that in 2006 the national income reached $400 billion. By 2013 Turkey expect this figure to exceed $800 billion. All these are indicators that Turkey has been and continues to develop its economy and work to reach EU standards.

"Therefore, I am sure that all this encouraging development, with a major Turkish trade with EU will all add up into an increasing volume of intra-trade in D-8," Dr. Alam says in the organisation headquarter on Wednesday.

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