Turkey: Achieving a transition to a new economy

At Financial Times Summit on Turkish economy, experts agree that Turkish economy is being transformed, with industry moving to more knowledge-intensive production.

Turkey: Achieving a transition to a new economy

World Bulletin / News Desk

Turkey is in the process of transforming its economy, experts said at the Financial Times Summit on the Turkish economy in Istanbul on Wednesday.

"Economic change is necessary, and a new story for the Turkish economy is being written," said Sinan Ulgen, an economist with the Center for Economics and Foreign Policy Studies.

"Turkey needs an economic transition," said Kaveh Taghizadeh, head of Management Consulting at KPMG Turkey, a firm providing audit and tax services.

The experts agreed that growth was still too low for the time being. "At about 3 percent, economic growth is too low to attract investment," Ulgen commented.

Exports have been the mainstay of the Turkish economy, but the nature of Turkish exports has to change if growth is to improve, Ulgen pointed out.

Last Mod: 17 Nisan 2015, 11:57
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