UNITED NATIONS
Turkish Deputy Prime Minister Ali Babacan said many European countries needed fiscal consolidation urgently.
Babacan made the opening remarks the UN General Assembly's high-level thematic debate on the State of the World Economy and Finance and its Impact on Development, taking place at UN Headquarters in New York.
Structural reforms were of great importance in boosting competition and every European country should keep taking required steps on the matter, he said.
Global economic and financial crisis made a negative impact on development in several countries, he said, adding that recovery was continuing slowly.
Babacan said global economic crisis also negatively affected labor force and incomes of citizens in many countries.
Long-term policies were needed in weathering economic crisis, he said.
Turkey grows 9.2% in 2010, 8.5% in 2011
Macroeconomic and political stability was the backbone of economic growth, also he said, adding that Turkey has taken huge steps in economy in the past decade.
Turkey has fulfilled a structural transformation process in fiscal management, banking sector, areas of health and social security in the mentioned period, he said.
Babacan underlined that Turkish economy grew by 9.2 percent in 2010 and 8.5 percent in 2011.
