(ECO) TURKISH PRESIDENT THINKS EARLY TO SAY GLOBAL CRISIS OVER.

ISTANBUL, Oct 5, 2009 (TUR) -- The Turkish president expressed on Monday his thought that it was still early to say that the global crisis was over.

Turkey's President Abdullah Gul said that problems in developing countries, particularly the problems in financial sector in Europe, had not been totally overcome yet.

"The annual meetings of the IMF-World Bank are taking place in a time when global economy needs restructuring," Gul said during the IMF-World Bank board of governors meeting over dinner in Istanbul.

Istanbul is hosting the annual meetings this year, and Gul participated in the dinner as an honorary guest.

Gul defined the global crisis as the deepest economic crisis after the World War II, and said countries had taken macro-economic political measures.

"Today, we can see that world economy is relatively recovering, financial markets are becoming more stable, future forecasts are becoming better, and economic activities are also recovering," he said.

Gul said, "we are trying to shape the new global economic order in a way that will bear positive outcome for every one."

The Turkish president said it was obvious that the global economy should pave its way of pre-crisis fragilities, and the main issue concerning global policy determiners would be to accomplish global economic and financial system reform.

"We should accept that this is a difficult process. We are pleased to see that a common understanding and will have been occurring among countries to take medium and long-term steps to prevent recurrence of such crises," he said.

Gul said economically-important countries had agreed on methods to eliminate national and international financial deficiencies, and speeded up reform process.

"When we consider all these developments, we can say that global economy is on the brink of a radical change," he said.

Gul said countries had to cooperate for a sustainable and balanced global growth, and their responsibility should be to find solutions to global problems and cooperate in coming days.

The Turkish president said that countries should not let their short-term priorities to overshadow their medium and long term targets.

Also, Gul said he believed decisions to be made in the annual meetings would contribute to momentum seized so far.

(BRC)

(THROUGH ASIA PULSE)