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World Bank Advises on Social Security Reforms

The Zaman

Turkey 

July 5, 2004


The World Bank's Turkey Director, Andrew Vorkink reported yesterday that Turkey has done good work with social security reforms.

Disclosing that they gave the government technical support on social security reform, Vorkink said, "As a bank, we just give advice, the decision to put them into practice belongs to the government." 

Vorkink disclosed that the implementation of the social security reform was crucial. 

Meanwhile, Vorkink said that the US Federal Reserve's (FED) increase on interest rates by 0.25 percent would affect the Turkish economy at a minimal level. The FED increased interest rates at an expected level and it will continue to increase according to expectations, Vorkink said that this situation would not have any important effect on the Turkish economy. Turkey has a better economic growth trend in comparison to many other developing countries, Vorkink said, and the 12.4 percent growth rate for the first quarter was 'very effective.' Vorkink said this trend will continue although the 12.4 percent growth rate was the result of the increase in capacity use. Vorkink emphasized that Turkey showed high growth performance with these numbers just as China and India did. Vorkink added that direct investments would increase considering the decrease real interest rates, so economic growth will be healthier with new investments. 


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