Despite emerging from the depths of the global economic crisis, critical work remains ahead, Turkish Deputy Prime Minister Ali Babacan said Thursday.
“Although maybe the worst is behind us, the developments are not yet satisfactory,” Babacan said at an economic gathering in Washington. “Structural reforms are missing and that is what is making the global economy perform at less than its potential.“
The global financial crisis of 2007-2008 was the worst since the decade-long Great Depression of the 1930’s. Governments, particularly in Europe and Japan, are still struggling to emerge from the crisis.
“The global economy has not yet fully recovered,” Babacan said, noting that after the financial crisis the G20 emerged “as the main platform” for dialogue in global economic and financial issues.
Turkey assumed the G20 presidency last December, vowing to fight global inequality.
The economic bloc is an international forum for the governments and central bank governors of 20 major economies, including the European Commission, the executive body of the EU.
“The financial sector is now looking better than it used to, although we cannot say it has fully recovered, but it is in a recovery stage at least. Now it is time to refocus on the social and environmental aspects of our overall economic policies,” Babacan added.
The deputy prime minister said he will host the first joint dinner Thursday night of the G20 and low income countries to “discuss their proposals for the G20 agenda.”
Babacan, along with roughly 13,000 others, is in Washington for the annual IMF/World Bank Spring Meetings.
Approximately the same amount, including a number of world leaders, are expected to attend the G20 Leaders' Summit in Turkey's southwestern coastal province of Antalya in November 2015, according to Turkish officials.