Union of Chambers and Commodity Exchanges of Turkey

PM Ahmet Davutoğlu gave a speech at the “Global Outlook and Turkey’s G20 Chairmanship” plenary session. He stated that the fluctuation of global financial markets is one of the most important problems facing world and business community leaders.

Stating that developing economies are unable to achieve their former dynamism, Davutoğlu stressed the importance of their dynamism for global growth.

Prime Minister Ahmet Davutoğlu stated that the share of SMEs and labor in income will continue to be one of their focal subjects and stressed the importance of supporting SMEs in developing countries.

- Finance Ministers and Central Bank Governors

Giving the opening keynote at the “Navigating Through the Global Low Growth and Low Interest Rate Environment” plenary session, B20 Turkey Chair and TOBB President M. Rifat Hisarcıklıoğlu stated that there are no simple solution to the problems in the global economy.

Emphasizing the need for governments to support markets, Hisarcıklıoğlu stated that intervention could cause panic for investors.

Hisarcıklıoğlu stressed the importance of consulting with the private sector during the creation of legislation and the need for a louder voice for the private sector in international organizations.

- Other speakers

Turkish Central Bank Governor Erdem Başçı touched on the root causes of low investments with possible suspects being volatility, low global growth rates and structural properties of the business environment.

French Central Bank Governor Christian Noyer pointed out that another reason might be austerity policies, stating that uncertain situations force down investments when the future is hard to gauge. He stressed the importance of tax policy in incentivizing investments.

Australian Minister of the Treasury Joe Hockey expressed his conviction that the coming year would be an improvement on the previous, however, calling the fight over would be premature.

Mexican Central Bank Governor Agustin Castens emphasized the key role played by the financial sector in all economies, stressing the need for more trust in order to grow; he went on to point to the importance of structural reforms, stating that the fruits of structural reforms would not be immediately available.

Indian Central Bank Governor Raghuram Rajan stated that India is undergoing an ambitious reform period while at the same time the world economy is experiencing an interesting period of both plenty and crisis.

Rajan stated that governments must keep their words following the global economic crisis in regards to social security and healthcare, pointing to the importance of increasing productivity in this regard.