ANKARA: Turkey’s Deputy Prime Minister Ali Babacan depicted a more positive global economic outlook for the remainder of 2015 compared to 2014, despite major concerns over slow progress in economic growth and low demand.
Babacan, who chaired the meeting because Turkey is the interim president of the G20 group, spoke at a press conference of G20 finance chiefs meeting in Istanbul.
Overall, compared to the beginning of last year, we are now in a better position,” Babacan said.
Finance ministers and central bank governors gathered in Istanbul for a two-day summit, amid major doubts over sluggish global growth, more volatile currencies and deflationary pressures on some advanced economies.
Babacan said a strong recovery in the U.S. and the U.K. and an overall decrease in EU unemployment rates are all part of the “better news.” But the minister also said that there are “many risky areas.”
The World Bank reduced its global growth forecast in January to 3 percent from an earlier prediction of 3.4 percent.
