The course of the economy was discussed at the Odeabank Economic Summit

The course of the economy was discussed at the Odeabank Economic Summit​

The course of the economy was discussed at the Odeabank Economic Summit

Odeabank, signing off on important projects to improve banking with an innovative and responsible approach to banking, has hosted an exclusive summit for the second time. Leading economist Daron Acemoğlu spoke at the summit, titled “The Present and Future of the Turkish Economy”.

Odeabank, the young and dynamic player of the Turkish banking sector, keeps being acclaimed for its unconventional and visionary stance in the economic world. Odeabank, implementing many pioneering projects in the sector with a responsible banking approach, organized the second Asset Management Economic Summit, where a leading world economist, Daron Acemoğlu shed a light on the “Present and Future of the Turkish Economy?”.

The summit brought together Odeabank customers and prominent members of the economic press. Odeabank customers who could not attend the summit could view the conference live on their computers and mobile devices at the Odeabank web site. Attendants could also submit their questions to the speakers on twitter with the hashtag: #odeazirve.

Odeabank Asistant General Mnager responsible for Retail Banking, Cem Muratoğlu made the opening speech, focusing on the technological developments in the world and changing consumption modes in line with these developments. He then left the stage to the speakers.

The first speaker of the summit Odeabank General Manager Hüseyin Özkaya pointed out that it is important to analyze the situation realistically in order to interpret the current developments and come up with healthy predictions, saying: “We have brought a fresh breath to our sector with our bank which we established from scratch. After such a fast entry to the sector, 2014 has been a period where we continued our healthy growth and furthered our achievements. With our innovative, customer-focused banking approach, we have moved one level up in sector rankings. We entered the sector at the 49th place and quickly became the 13th deposit bank and 10th private deposit bank. I would like to point out that in the Turkish Banking Sector where there is fierce competition, this result is considered a “success story” not just in our own country, but also in international platforms. Our outstanding performance lead us to increase our net assets to 22 billion TL, our credits to 15.4 billion TL and our deposits to 17.8 billion TL. As of today, we have 48 branches and 1387 employees. As we take each step with enthusiasm, we are happy to see that our establishment is growing in a healthy manner.”

In the summit, noted economist Prof. Daron Acemoğlu evaluated the current situation of the Turkish economy and shared his future predictions in light of the recent developments in Turkey and the world. Daron Acemoğlu analyzed the source of the recent economic boom in Turkey along with the problems it might bring, citing the global problems, hidden dangers and possibilities that come with the current economic condition.

Acemoğlu claimed that the 3% growth rate declared by the authorities is not sufficient for Turkey, saying that Turkey needs to make more technological and manufacturing investments, supported by economic and political reforms in order to realize its full growth potential. He added, “It is especially important to have an open environment to enterpreneurs and innovative businessmen. Otherwise Turkey might continue to remain in the developing countries league. Turkey needs competent, well-educated and qualified human resources. Turkey needs to focus on structural reforms, adopt innovative policies. Turkey can only accomplish real economic growth this way.”

About Daron Acemoğlu

Daron Acemoğlu, is a Professor of of Economics at MIT (Massachusetts Institute of Technology). According to the IDEAS/RePEc research database, he is one of the “10 Most Quoted Economists”. Born in Istanbul on September 3, 1967, Acemoğlu graduated from Galatasaray High School in 1986. He received his undergraduate degree in England's York University and his Master's and PHD degrees in the prestigious London School of Economics. After teaching in London School of Economics between 1992-93, he began teaching in Massachusetts Institute of Technology in 1993. In the first years of his academic career in MIT, one of his works published in the historical economic publication The Economic Journal was chosen as the “Best Article of 1996”. Daron Acemoğlu became Professor of Economics in 2000. One of Acemoğlu's many great achievements has been receiving the John Bates Clark Medal in 2005.*

Acemoğlu's main interests are political economy, economic development, economic growth, economic theory, technology and income and wage inequality. His latest works are on “the place of corporations in economic development and political economy”. His works in this field has been awarded with a “Science Award” by TÜBA (Turkish Academy of Sciences) in 2006. In 2013, Acemoğlu received the The Presidential Culture and Arts Grand Award by the Republic of Turkey in Social Sciences with his uniqe approach to conventional growth and development models. Acemoğlu is also the Assistant Editor of Review of Economics and Statistics and Journal of Economic Growth. Acemoğlu, has received worldwide acclaim with his book “Why Nations Fail” which he co-wrote with James A. Robinson in 2012.

*John Bates Clark Medal, is given biannually to a scientist under the age of 40 who has a major contribution to the science of economics.