Turkey creates 4.7m employment since 2007

Turkish Minister of Finance Mehmet Simsek stated Thursday Turkey created an employment of 4.7 million during the growing process since 2007 compared to other growing economies. Speaking at the second day of the 4th Istanbul Finance Summit (IFS) in Istanbul's Ceylan Intercontinental Hotel, which is officially sponsored by Anadolu Agency (AA), under the theme of "financing sustained growth," Simsek said fiscal deficit, ongoing decreased public debt, increasing of banking sector, the low household potential and diversifying export markets were Turkey's macroeconomic bases during economic growth. Simsek stressed that Turkey meets the Maastricht criteria and added capital adequacy ratio was still around 16%, which means having double capital in international standards. Noting that the household has no currency debt but strong asset and equities, Simsek stressed there was neither a devastation in asset and equities of the household.   Simsek also underlined debting in private sector has been over the average with the increase of investments in last ten years. "We need global savings, especially with fund flow for long term credits. We brought several funds to Turkey to make the international funds be led by the country. However, in long term we must increase our savings. Actually, the public sector increased the savings and a recovery of nearly 7% has been achieved," Simsek stated. Simsek stated Turkey aimed to increase its national income to 2 trillion USD with the exchange current, reminding it takes aim at becoming within top ten of world. The minister noted that in last ten years, each year Turkey grew 0.6% in the Republican history and underlined the potential growth must be increased. He added national income per capita increased from 1,100 to 1,600 USD in real terms, with an increase of 45-50%, which doubled the per capita income. The 4th Istanbul Finance Summit (IFS'13), held on September 18-19, will host important figures from the global financial world from North America, Europe, the Gulf Region and East Asia. The summit will provide a platform for state-of-the-art discussions on the current condition and future direction of world finance and will bring together leading global policy makers, bankers, corporate financiers and regulators, among others. The Istanbul Finance Summit is one of the premier financial events in the world. Convening annually in Istanbul, IFS brings together world renowned financial and economic personalities as speakers and representatives of major financial and economic businesses as participants.