Durmuş Yılmaz: Overview of the Turkish economy in the light of new global realities Speech by Mr Durmuş Yılmaz, Governor of the Central Bank of the Republic of Turkey, at the International Arab Banking Summit (IABS 2010), Istanbul, 18 June 2010. *  *  *  Esteemed governors and distinguished guests, At the outset, I want to express my gratitude to the Union of Arab Banks along with Turkish Banking Association, Banking Regulation and Supervision Agency and the World Union of Arab Bankers for their efforts in organizing this summit. As the Central Bank of Turkey, we are honored to be a part of this prestigious event congregating such an esteemed group of participants. In this keynote speech, first I want to discuss the post-crisis episode in a global context. Then I will continue with the extent to which the Turkish economy has been affected by the downturn in global economy. Finally, I will conclude with the opportunities and prospects in our region in the light of the new global realities. Dear participants,  As we all observe from the latest data, signs of recovery have continued in the first half of 2010, albeit at variable speeds across countries and regions. Coordinated efforts of the global community have been so far successful in averting a downward spiral similar to the one experienced during the Great Depression. Although global economy is back on its feet, there are several risks involved in this recovery process and many challenges lie ahead.
It is for this reason that the Bank of Zambia has all the confidence that today’s consultative meeting will help advance the agenda for the second phase of the FSDP. This forum therefore, brings together the FSDP secretariat, development partners and key stakeholders to discuss the Phase II document and render support, financial and otherwise, to the process as well as facilitate consensus building for the extension of the FSDP to December 2012. During this meeting, the FSDP Secretariat will update stakeholders on the progress to-date as well as outstanding issues and new developments since 2004. The FSDP Secretariat is further expected to highlight some of the key recommendations that were made in the recent Financial Sector Assessment Programme (FSAP) and highlight proposals made by the working groups. 2  BIS Review 131/2009  Furthermore, representatives of Government and cooperating partners will also be at liberty to provide their comments on the programme’s achievements and the policy direction going forward. Finally, it is our view at the Bank of Zambia that the FSDP provides a unique opportunity to enhance contribution of our financial sector to economic growth & poverty reduction as well as deepening and modernising our financial system. However, the ability to move forward will depend on our collective support to achieve the Vision of the FSDP. It is therefore our expectation that this meeting will facilitate consensus among stakeholders on the way forward and update cooperating partners on the need for their continued support of the programme through direct financial support or technical assistance.