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The Union of Banks presented "Leader of the Year" award to Turkish Prime Minister Recep Tayyip Erdogan on Thursday.

Speaking at the award giving ceremony held by Union of Arab Banks in Phoenicia Intercontinental Hotel in Lebanon, Erdogan touched on economic developments and global crisis.

"Starting as of the beginning of global crisis, Turkey always underlined that such crises would be inevitable in a system where feeling of justice is not put in hearts. There will be global crises in a world where the poor becomes poorer and the rich becomes riches. Costs will be more grave is this continues so," Erdogan said.

Erdogan said, "within the scope of my talks in the past one month, I visited flood stricken regions of Pakistan and in Bangladesh. You know the situation in Africa. We want developed countries to focus more on those regions."

"Of course we will overcome the global crisis. The global financial crisis has not erupted in Lebanon or in Turkey. It did not stem from this region. United States is the source of global financial crisis. The financial crisis erupted there and spread to the world. Executives of the Union of Arab banks are here. Giant banks of the world, giant insurance companies and institutions went bankrupt. If we fail to draw necessary lessons from this and disregard the facts, believe me cost of the next crisis will be more grave."

Commenting on the recent developments in the Turkish economy, Erdogan said in the past 8 years, Justice & Development (AK)Party government fulfilled very rooted structural reforms.

Erdogan said Turkish economy gained a structure more resistant to economic crisis thanks to the successful policies AK Party ruling carried out and ranked among the countries that got rid of the global crisis most rapidly.


AA