Mr. Hugh Bredenkamp

• 
  ads.seeurope.net/?q=node/10207 - [Cached Version]
  Published on: 7/7/2007    Last Visited: 7/7/2007  

  Hugh Bredenkamp, the International Monetary Fund's (IMF) senior resident representative in Turkey, warned the country of an economic slowdown after enjoying years of high growth.
  
  "Moreover, some sensitive issues regarding the economy are still waiting to be handled," he added.
  
  Bredenkamp was a guest speaker at the Turkish Economy in Global Competition conference, held by the Turkish Industrialists and Businessmen's Association (TÃœSÄ°AD) and the Konrad-Adenauer-Stiftung foundation in Ä°stanbul.
  
  Turkey has demonstrated impressive economic performance recently, an indicator of the change in the country's economic thinking and institutions."Therefore, there are still a lot of factors to preserve optimism," he said.Bredenkamp then predicted that the coming five years may present some problems in terms of growth."Starting in 2007, it has become extremely urgent to tighten policies against inflationist pressures.It is necessary to have new, replenished and refreshed acceleration," he explained.
  
  The process to combat inflation has also been impressive, and a certain level of success has already been achieved, the IMF official asserted, adding that the central bank should reconsider their efforts from a stronger point of view.
  
  In discussing the 6.5 percent annual primary surplus target, Bredenkamp opined that it still needs to be high."Of course we can't say this target will last forever; one day there will be alleviation.Yet we don't believe that we have reached that point yet.It is still not the proper time to decrease the target," he claimed.
  
  Looking at the recent turbulence in the markets, Bredenkamp commented that the Turkish economy has sensitivities and vulnerabilities, particularly that the overvalued currency is exposing Turkey to market fluctuations without enough shelter for protection."The mission ahead must be this," he stipulated, "Before everything, strong policies to raise Turkey from the middle ranks among emerging markets to upper levels must be put into action.A strategy to meet the necessity of providing high and sustainable growth rates must contain these premises: Besides keeping inflation at single-digit levels and promoting a decrease, Turkey must also lower public debts, create stronger reserves, implement a more effective tax structure, design a more flexible labor market, develop financial markets and encourage more competitive production."
  
  Bredenkamp, on the other hand, said the debts of the country don't seem overly intimidating.Decreasing its percentage of the gross domestic product (GDP) to 30 percent may be good target, he stated.The official also criticized the implementation of an expensive labor force: "High severance pay and minimum wages are real burdens on companies, like taxes," he said.

• 
  www.honturkishconsulga.org/news/fullnews.php?id=54 - [Cached Version]
  Published on: 3/24/2007    Last Visited: 5/16/2007  

  Hugh Bredenkamp, the IMF Senior Resident Representative in Turkey, issued the following statement in Ankara today: 'An International Monetary Fund mission visiting Turkey for discussions on the authorities' economic program, which is supported under a three year Stand-by Arrangement, left Ankara on March 20.

• 
  ads.seeurope.net/?q=node&page=2 - [Cached Version]
  Published on: 10/13/2008    Last Visited: 7/7/2007  

  Hugh Bredenkamp, the International Monetary Fund's (IMF) senior resident representative in Turkey, ... » more

• 
  www.turkishweekly.net/news.php?id=46493 - [Cached Version]
  Published on: 6/29/2007    Last Visited: 7/1/2007  

  Hugh Bredenkamp, the International Monetary Fund's (IMF) senior resident representative in Turkey, warned the country of an economic slowdown after enjoying years of high growth. > >
  
  "Moreover, some sensitive issues regarding the economy are still waiting to be handled," he added.Bredenkamp was a guest speaker at the Turkish Economy in Global Competition conference, held by the Turkish Industrialists and Businessmen's Association (TÜS,AD) and the Konrad-Adenauer-Stiftung foundation in ,stanbul.
  
  Turkey has demonstrated impressive economic performance recently, an indicator of the change in the country's economic thinking and institutions."Therefore, there are still a lot of factors to preserve optimism," he said.Bredenkamp then predicted that the coming five years may present some problems in terms of growth."Starting in 2007, it has become extremely urgent to tighten policies against inflationist pressures.It is necessary to have new, replenished and refreshed acceleration," he explained.
  
  The process to combat inflation has also been impressive, and a certain level of success has already been achieved, the IMF official asserted, adding that the central bank should reconsider their efforts from a stronger point of view.
  
  In discussing the 6.5 percent annual primary surplus target, Bredenkamp opined that it still needs to be high."Of course we can't say this target will last forever; one day there will be alleviation.Yet we don't believe that we have reached that point yet.It is still not the proper time to decrease the target," he claimed.
  
  Looking at the recent turbulence in the markets, Bredenkamp commented that the Turkish economy has sensitivities and vulnerabilities, particularly that the overvalued currency is exposing Turkey to market fluctuations without enough shelter for protection."The mission ahead must be this," he stipulated, "Before everything, strong policies to raise Turkey from the middle ranks among emerging markets to upper levels must be put into action.A strategy to meet the necessity of providing high and sustainable growth rates must contain these premises: Besides keeping inflation at single-digit levels and promoting a decrease, Turkey must also lower public debts, create stronger reserves, implement a more effective tax structure, design a more flexible labor market, develop financial markets and encourage more competitive production."
  
  Bredenkamp, on the other hand, said the debts of the country don't seem overly intimidating.Decreasing its percentage of the gross domestic product (GDP) to 30 percent may be good target, he stated.The official also criticized the implementation of an expensive labor force: "High severance pay and minimum wages are real burdens on companies, like taxes," he said.

• 
  ATID E.D.I. - Business Consulting and Trade... - [Cached Version]
  Published on: 12/13/2006    Last Visited: 1/7/2007  

  Hugh Bredenkamp, the senior resident representative of the International Monetary Fund (IMF) in Turkey, summarized these succinctly in five main points during his speech.First is the relatively low rate of personal savings - placed at 6% of Gross National Product (GNP) - which comes out lower than the average of the Organization for Economic Cooperation and Development (OECD) countries but roughly equal to other emerging markets.
  
  Failure to increase savings, or compensate for the gap through foreign capital, will lead to slower growth of the economy.But dependence on foreign finance and overly zealous and untimely credit expansion poses its own set of risks, meaning that the economy would be less able to absorb external shocks.In this context, Bredenkamp underlined the importance of phasing in credit rules - whether on mortgages or private pension funds - as tools to encourage personal savings.
  
  Turkey's underdeveloped consumer credit market was placed as another key point in Bredenkamp's list of five.These markets, according to the IMF are 20% below that of comparable countries and as little as one fifth of that enjoyed by developed markets.Should Turkey realize rapid economic expansion minus strong regulation, the country would be prone to asset bubbles, which underlines once again the importance of phasing in consumer credit measures.
  
  A third point flagged by Bredenkamp was Turkey's high public debt burden, which remains double that of EU states.He highlighted the risk of short-term debt exceeding foreign exchange reserves.
  ...
  Businesses, according to Bredenkamp, have had to face statutory excess and special-use taxes with undue reliance by the government on select indirect taxes.The most distorting taxes should be eliminated.This is in spite of the fact that the overall tax to GDP ratio is not excessively high.
  
  None of this is to discredit Turkey's immense economic potential, with Bredenkamp underlining the fact that vulnerabilities also count as opportunities.

• 
  Africa: Monterrey Promises, 1 - [Cached Version]
  Published on: 10/2/2001    Last Visited: 3/2/2006  

  Mr. Hugh BredenkampWest Africa RegionInternational Monetary Fund700 19th Street, N.W.Washington, D.C. 20431Email: hbredenkamp@imf.orgFax: 202 623-4232
  ...
  Mr. Hugh Bredenkamp, West Africa Region

• 
  Anadolu Agency: News in English, 04-10-08 - [Cached Version]
  Published on: 10/9/2004    Last Visited: 10/9/2004  

  ANKARA - Hugh Bredenkamp, International Monetary Fund (IMF) Senior Resident Representative in Turkey, said on Friday that discussions on a new IMF Stand-By Arrangement for Turkey would resume on October 11th.

• 
  Analysing poverty impacts - [Cached Version]
  Published on: 7/6/2001    Last Visited: 5/22/2003  

  Hugh Bredenkamp, IMF, said that the impact assessments would at first be "quick and dirty" but that experiences would lead to refinements in the process and deeper analysis, which will not be based on a modelling approach.

• 
  Bloomberg.com: Exclusive - [Cached Version]
  Published on: 9/25/2006    Last Visited: 9/25/2006  

  Hugh Bredenkamp, the IMF's representative to Turkey, said in a phone interview from Ankara last week that the fund is reviewing government policies under a $10 billion loan program and declined to comment until he's done.

• 
  Brekk: Turkey Does Not Use Its Real Potential - [Cached Version]
  Published on: 10/13/2008    Last Visited: 7/19/2004  

  Meanwhile, Hugh Bredenkamp of Britain will be appointed as new IMF representative in Turkey.

Page:  1 2 3 4 5