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If Turkey completes financial reforms, its economy will grow faster in developing countries.

04.04.2011

The professor of economics at New York University's Nouriel Roubini, better known as a “predictor of crises", visited real estate fair MIPIM held in Cannes (France). Explaining to sector representatives the significance of the real estate in the economy, in his speech Roubini also touched on Turkey. Speaking of emerging markets and the economy of Europe, he noted that in the case of the completion of financial reforms by Turkey, the development of this country will be faster than in developing countries. Roubini said that an important factor in this development are the strong economy and rapid population growth, while the trade deficit and high unemployment are still drawbacks.

Population and domestic demand.

Answering the MIPIM’s Turkish representative’s Avi Alkash (Avi Alkaş) question about Turkey, Roubini noted that he is very optimistic about Turkey's economy, and particularly highlighted the high rate of population growth and consumption habits as the growth supporting factors. Explaining that large population and domestic demand are the impuls for the development, Roubini said: "Unlike China, in Turkey, as well as in Indonesia and India, consumption forms two-thirds of GDP." Explaining that credit growth is still limited Rubin said: "Real estate is the only basis for long-term growth of Turkish economy. It is therefore necessary to continue to macroeconomic and financial reforms". Referring to Turkey’s geographic advantages, Rubin said:" Turkey is at the heart of the financial system, between Europe and the Middle East. However, we should not forget about some disadvantages. Unemployment is high, and the trade deficit is growing. If the financial reforms will be continued, Turkey can become a market where prices are rising rapidly and that will grow faster than developing countries. "

Roubini is going to visit Istanbul in April.

Economist Nouriel Roubini, who became quite popular in Turkey, owning to his predictions, is going to visit this country once again in April. Roubini, is going to take part in the conference called "Meeting local area networks", which is third time organized by the Turkish Retail Federation (TPF). According to the president of TPF Selamet Aygun, the conference passing in Istanbul on April 27-28 is expected to be attended by more than 5,000 companies from Anatolia.



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