Turkish deputy PM talks economics at ambassadors conference

Türkiye Materials 7 January 2015 06:44 (UTC +04:00)

Turkey is in a very challenging geographical area of the world and it faces a dramatic transition which happens once every 100 years, Anadolu Agency reported referring to Turkey's Deputy Prime Minister Ali Babacan's statement.

His comments came as he addressed Turkish ambassadors on the second day of their week-long annual meeting in Ankara.

Babacan, the most senior voice on economic issues in Turkey's ruling AK Party, said the country needs to read the world economy very well during these times. He was referring to political tensions in the region, including Syria, Iraq, Ukraine, in addition to any interest rate hikes by the U.S. Fed in 2015.

"Turkey needs to follow political-economic trends in the region and around the world," Babacan said. "Further on, implementing policies, based on accurate analysis, is very important."

"Russia is our neighbor and the country is one of our largest trading partners, "Babacan said. "It sends over 3.5 million tourists every year to Turkey and that is why it is an important country. Besides, strategically, Russia is an important neighbor and we need to follow it carefully in the coming period."

Babacan also said that many factors have influenced oil prices.

"Oil prices also fell below $60," he added. "We see a trend of $80 a barrel by 2019."

"Low oil prices are a very good thing for Turkey," Babacan said. "It may affect our trade with Russiaadversely and perhaps less tourists from there will come to us, but when we look at the whole picture, low oil prices are extremely useful for Turkey."