Tüsiad: We Mind The Independence Of The Independent Bodies

- Cansen Başaran Symes, President of TÜSİAD, said, the independence of the Central Bank of Turkey was important for them and called to end the disorienting developments on the issue, on Friday.

World Bank's Global Economic Prospects Report on "Global Outlook: Disappointments, Divergences, and Expectations" launched at a conference in Istanbul, organised by the World Bank and Turkish Industry And Business Association (TÜSİAD).

Symes said, the primary objective of the central banks was to achieve and maintain price stability rather than creating prosperity.

"We mind the independence of the independent bodies" she said. "I once more underline the importance of the independence of independent bodies for the Turkish economy, as we pave been repeating in our all statements. TÜSİAD's approach on the issue will not change in any condition. So I personally and in the name of TÜSİAD wish an end to the disorienting developments on the issue that confusing the business society and the public."

The audience gave applause after Symes's speech on the independence of the independent bodies.

HIGHLIGHTS FROM THE WORLD BANK REPORT
Several major forces were driving the global outlook, said in the World Bank's report, under the affects of soft commodity prices that were expected to persist, continued low interest rates but increasingly divergent monetary policies across major economies and weak world trade.

"In particular, the sharp decline in oil prices since mid-2014 will support global activity and help offset some of the headwinds to growth in oilimporting developing economies. However, it will dampen growth prospects for oilexporting countries, with significant regional repercussions. Overall, global growth is expected to rise moderately, to 3.0 percent in 2015, and average about 3.3 percent through 2017."

Risks to the slow-moving global recovery were significant and tilted to the downside, while financial market volatility could sharply raise developing countries’ borrowing costs, an unwelcome development after several years of heavy capital market issuance by some developing countries.

"Intensifying geopolitical tensions, bouts of volatility in commodity markets or financial stress in a major emerging market could lead to a reassessment of risk assets. If the Euro Area or Japan slips into a prolonged period of stagnation or deflation, global trade could weaken even further" the report said.