Baku. 24 August. REPORT.AZ/ Annual growth rate of credit investments in Turkish economy has been almost identical to Greece in recent years.
Report informs citing the Bloomberg, Chief Economist of RenCap's London office Carles Robertson said that rapid crediting has led to a financial crisis in Greece in 2010.
"All countries with fast credit investment in the economy, such as Greece, Russia and Brazil, have faced crises and recession. Although Turkey is the country with the fastest loan growth in the last 15 years, the country has not experienced a crisis", the chief economist said.
Notably, according to statistics provided by the Bank for International Settlements, Turkey is ahead of China, Brazil, Russia, India and other developing countries in 2001-2016 for credit growth rate. According to the BIS report, ratio of private sector loans to GDP increased from 14.5% in 2001 to 62% in 2016.