04.09.2015 Ankara
The B20 Turkey Conference hosted Prime Minister Davutoğlu while G20’s Finance Ministers and Central Bank Governors convened at the “Navigating Through the Global Low Growth and Low Interest Rate Environment” plenary session. B20 Turkey Chair and TOBB President M. Rifat Hisarcıklıoğlu emphasized the need for a louder voice for the private sector in international organizations.
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.