World Economy

Turkey Assumes G20 Presidency

Turkey Assumes G20 PresidencyTurkey Assumes G20 Presidency

Turkey on Monday assumed the presidency of the G20 group of major economies for the first time in its history, pledging to fight global inequality during its turn at the helm.

The presidency of the G20 is seen by Ankara as a major opportunity for Turkey to showcase its status as an economic and political power under the rule of President Recep Tayyip Erdogan, AFP reported.

"Three words will guide Turkey... inclusivity, implementation and investment," Deputy Prime Minister Ali Babacan told a press conference in Ankara in televised comments. "We aim to make the G20 reach out to low income countries and take care of countries that are not G20 members in an inclusive way," Babacan said.

"Turkey will bridge the gap between developed economies and undeveloped countries to fight global inequality," he added, vowing to include poor countries in decision-making.

Turkey took over the presidency of the G20 group of developed and major developing economic countries from Australia. China is preparing to take over the presidency for 2016.

Babacan said the 2015 G20 leaders' summit, to be held in November in the southern resort city of Antalya, will discuss topics including "strong, sustainable and balanced economic growth", climate change, global development and the fight against corruption.

"Hosting the G20 summit in 2015 is a big opportunity and a big responsibility for Turkey," he said.

Babacan noted that global unemployment all over the world is still a major problem and the G20 would prioritize the "most vulnerable segments of society".

Erdogan – who became president in August after over a decade as prime minister – wants Turkey to be among the globe's top 10 economies by 2023 when it celebrates its 100th anniversary of the founding of the modern republic.

The president has been credited with turning around the Turkish economy, with GDP per capita almost doubling since he came to power.