Turkey's economy is exhibiting remarkable growth, following a period of strong recovery after the global financial credit crunch. The Federal Reserve's Division of Monetary Affairs Deputy Associate Director Seth Carpenter commended Turkey's economic performance and said it had stayed afloat in the wake of global economic turmoil.

He drew attention to the impressive growth rates the country has posted over the past year. Turkey's economy grew by 6 percent in the last quarter of 2009 and its gross domestic product (GDP) expanded by a further 11.7 percent over the first quarter of 2010. Industry and Trade Minister Nihat Ergün recently announced that the government was expecting double-digit annual growth for the country.

Carpenter also answered questions regarding the US's recovery from the economic difficulties it faces. He said the American economy is forecast to grow at an accelerated rate next year. Federal Reserve Chairman Ben Bernanke earlier downplayed concerns that the economy might slip back into recession, predicting a modest expansion in the second half of this year with the pace picking up in 2011. Bernanke, however, also said the the Fed was ready to act if it was needed to stimulate growth.