A less chaotic year
The increasing confidence in the financial sector is the reason that the Turkish business community is becoming more optimistic in their growth plans. Garanti Bankası General Manager Ergün Özen expects 2012 to be a less chaotic year than 2011 for the banking sector. Özen says: "Banking will continue to be one of the most important elements in the development of Turkish industry and the Turkish economy."
Those who are preparing to make their mark on consumption with innovative applications are more optimistic about growth in the New Year. Doğtaş Board Chair Davut Doğan believes that this year the Turkish economy will grow by 3 percent and that the furniture sector will grow by 8-10 percent. The white goods sector is also expected to grow more than the economy as a whole. Electrolux Türkiye General Manager Figen Gözübüyük says that the New Year will bring growth and innovative, environmentally friendly products.
BOYNER HOLDING BOARD CHAIR
"WE CAN TURN THE SITUATION TO OUR ADVANTAGE" "More conservative growth forecasts are being made for 2012. But Turkey has really grown very fast. This slowdown does not mean that growth will stop. It is impossible for those of us who are in the retail sector not to be affected by these economic developments. But the good news is that we can foresee any crisis that may occur and are ready for it. We have both time and very valuable experience."
AHMET NAZİF ZORLU
ZORLU HOLDING BOARD CHAIR
"WE SHALL ENHANCE OUR IMAGE" "We have a strong banking system. We shall continue to exercise financial discipline. The slowdown in growth will at least result in a partial contraction in our current account deficit. Consumer confidence is still high. Domestic demand will decline but continue. Developed countries will have to make do with growth rates of 0-2 percent while we shall be able to grow by 3-4 percent. Interest in Turkey will increase. There will be a global contraction in 2012 but we shall be able to have a soft landing."
AKBANK GENERAL MANAGER
"THERE IS NO LIQUIDITY PROBLEM" "The Turkish banking system continues to function in a regulated and disciplined manner. Our sector has a strong capital adequacy ratio of 16.6 percent. There is no liquidity problem. Credit utilization is low. The Turkish banking sector offers important growth opportunities in basic banking products and profitable, valuable Turkish banks will continue to attract the attention of foreigners even in the turbulent times in which we are currently living."