Odeabank continues to lead the sector.

Odeabank continues to lead the sector.​

Odeabank continues to lead the sector.

Odeabank, signing off on important projects that contribute to the improvement of the banking sector with an innovative and responsible approach, hosted a distinctive panel discussion. World's leading economist Daron Acemoğlu and renowned economist Deniz Gökçe attended the panel discussion titled “Is 2014 a Turning Point for Turkey and Developing Countries?”

Odeabank, the youngest and most innovative player of the Turkish banking sector, keeps holding the pulse of the economy. The creator of many firsts in the banking sector, Odeabank brought together leading economists Daron Acemoğlu and Deniz Gökçe under the moderation of of Odeabank Economic Research and Strategic Planning Assistant General Manager Serkan Özcan in the Asset Management Economy Summit, to look for answers to the question:“Is 2014 a Turning Point for Turkey and Developing Countries?

The panel discussion opened by Cem Muratoğlu, Odeabank Assistant General manager Responsible of Retail Banking, brought together economics journalists and Odeabank customers. Muratoğlu emphasized the importance of realistic analyses to interpret the current developments and come up with healthy predictions. He added: “We have become the 14th in rank among deposit banks from 49th in a very short period of time. In only 1.5 years, we have become a bank with 200 thousand customers, 15 billion TL of deposits and more than 12 billion TL credits. Thanks to you all, we have achieved a size where we manage 8 billion TL in Retail Deposits and 1 billion TL of Retail Investments in Asset Management. We owe our success to our effective strategies along with our trailblazing products and services in the banking sector, in a volatile economic situation. In a period where predictability is fairly low, our aim in organizing this panel discussion is seeing the bigger picture, while searching for an answer to the question ““Is 2014 a Turning Point for Turkey and Developing Countries?””

The panelists have shared their predictions on what the year 2014 will bring to Turkey and developing countries in light of the recent developments in the world and the country. In the discussion, the economic developments after the Arab Spring, the effects of Russia's Georgia and Ukraine policies on the region, the future of the relationship between China, USA and Russia and the threats and opportunties in sight for the developing countries in the near future were examined.

Leading global economist Daron Acemoğlu said that Turkey needs stable and sustainable growth, however today, it is a country that fails to utilize its potential correctly. He added: “In fact, crises bring conditions that tangibly expose our full potential. At this point, we have to understand the importance of saving personally, as well as a corporation and a country. We need to obtain a stable and sustainable growth to come out strongly from these trying conditions.” Acemoğlu pointed out that with the technological advancements human labor is being replaced by machines, adding that the future lies in investment and offering his advice to the younger generations: “It is crucial in many aspects that Turkey shifts investment towards technology and R&D. The investments have to be spread to the whole country rather than being limited to the few big cities. At this point, the youth has an important duty to foresee jobs that cannot be done by machines and focus on problem solving.”

Economist Deniz Gökçe has advocated that countries need to take lessons from the past in order to face the future with confidence. He added: “It is impossible for us to make predictions without knowing the real history. Turkey has to stop and contemplate, review te situation and take a breath. These days are important and can be a turning point for Turkey.” Gökçe pointed out that consumption has reached serious levels in Turkey and we have to learn to save as a country, adding that the administration has to interfere at this point to pull the brakes on consumption. Gökçe also said that a country with 60% dependency on the private sector should not have high expectations from the state. He said: “The state should promote corporate structure, leaving commercial activities to the private sector.”​