THE EXPERTS OF ECONOMICS DISCUSSED THE EFFECTS OF THE CRISIS
IUE Vice-Rector Prof. Dr. Cemali Dinçer, who made the opening speech of the seminar that took place in the IUE Conference Hall, stated that the crisis had created shortage of cash and shrinkage in every sector and said “It is clear that in following months the main aim of the business men will be to find resource. The most important factor for the business world in crisis is to make right decisions in right time and to implement these decisions. I am sure that in order to turn crisis into an opportunity, the things that the experts will convey to the representatives of the business world will be beneficial.”
IMF Research Department Economist Dr. Ayhan Köse emphasized the fact that the crisis and the recession created by the crisis would not pass in a short time and said “The crisis that started in the real estate market in the USA and that spread to finance sector penetrated the real sector. It caused bankruptcy. It is thought that this will create 5% shrinkage in the USA. This will cause 3% shrinkage in the world. This recession is different from others and it will not end in a short time. We can assume that the finance sector will recover in the last quarter of this year and the housing will recover in 18 months. 2009 will be tough. The bankruptcies may continue. The crisis in real estate may continue 4-5 years. However, we need to be optimistic and take precautions.”
Turkish Banking Association Secretary General Assoc. Prof. Ekrem Keskin stated that the biggest chance of Turkey in the crisis is to have a strong banking sector and said “The whole world is burning with the effect of crisis and naturally this spread to Turkey. The opportunities to create credit and finance became difficult. A mistrust and ambiguity arose. But the strength of banking sector prevented it to deepen. It is our biggest chance. Precautions should be taken and both the markets and the world should be assured, that is why the negotiations with IMF will be beneficial for Turkey.”
European Investment Bank Representative Alain Terraıllon stated that the state of Turkey is better when compared to other developing countries. He said “We provided 600 million Euros credit in 2005. This was nearly 3 Billion Euros in 2007 and 2008. In 2009 we will give 2.4 billion Euros credit. I believe that all the opportunities should be used in order to get over this crisis. I think that especially the international agreements will bring into safety. It is believed that there will be some improvements through the end of this year. Everyone should work in accordance with this.”
French Development Agency Representative Mara Yağan stated that the global crisis will change many things. Yağan said “The Europe is affected from this seriously. Turkey cannot stay out of it. The affects of the impact should be well calculated and the plans should be made accordingly.”
The moderator of the seminar Former President of the Turkish Central Bank Gazi Erçel emphasized the fact that Turkey did not make anything serous about the crisis that may last till 2010. Erçel said that only the precautions taken by the Central Bank were being implemented and said “Many things are being done in the world. Many precautions are being taken. However, no one does anything in Turkey except for Central Bank. But its precautions are not general. I cannot see what the government will do and how Turkey will survive. We will wait and see.”
