TEPAV Stability Institute Director Serdengeçti: “No Light at the End of the Tunnel.” Speaking at a meeting organized by GYİAD, Süreyya Serdengeçti said that satisfactory anti-crisis steps had not been taken yet and that there was “no light at the end of the tunnel.”
ISTANBUL – TEPAV Stability Institute Director Serdengeçti stated that there still was no satisfactory framework set up to solve the problems of the global crisis and that the deterioration of expectations was prolonging the process. He said, “There is no light at the end of the tunnel.”
Serdengeçti spoke at a conference titled “Talks on the World and the Turkish Economy” organized by the Young Managers’ and Businessmen’s Association (GYİAD) on Tuesday, October 18, 2011, in Istanbul. He stated that Turkey had made great progress in tracking the world in the last decade and accordingly had become more open to developments in the rest of the world. He said, however, “There is no light at the end of the tunnel.” Forecasters did not estimate growth in the developed world after the next 5-10 years and another deepening in the global economic crisis could affect the developing world once again.
İş Bank CEO Ersin Özince stated that there was a risk that the remedy to the global crisis might affect Turkey as negatively as the crisis itself. He said, “The right of developing countries to have a word in the steps planned for the restructuring of the banking sector is weak. Furthermore, moving in line with a uniform solution will have severe consequences on developing countries like Turkey.” Maintaining that Turkey had made only a little progress as a senior emerging market economy, he argued that Turkey would never have enough resources or a developed enough capital market to make it among the G-20 countries.
Sharing with the audience results of a survey conducted by GYİAD members before the conference, GYİAD President Burcu Akdarı stated that when making business plans for 2012, the business world assumed that the world economy would recover slightly rather than hitting another trough.