Demirel leaves mark on Turkish economy

Former Turkish President Süleyman Demirel, who died early June 17, left his mark on the Turkish economy, as the country's second highest growth rate was seen during one of his governing terms and he pioneered the launch of many large infrastructure investments. 

Demirel, who served as prime minister seven times through the 1960s to the 1990s and was president from 1993 to 2000, also faced several economic crises. 

According to data compiled by Anadolu Agency, Demirel became the prime minister of the country for the first time in 1965, when the development of a five-year economic plan began. Turkey ranked among the leaders in the world's economic development lists with a development rate around 7 percent. 

Under Demirel's leadership, hundreds of new power plants and dams were opened, including the Keban Dam and the Kesikkaya Dam. The foundation was also laid for the first bridge across the Bosphorus Strait in Istanbul and the Alia?a Oil Refinery in the Aegean province of ?zmir. The Turkish economy grew by 12 percent in 1966, reaching the second highest rate since 1950. The foundation for the Urfa Tunnel, which was built to carry irrigation water to the Harran Plain and the Mardin Plain in the east, was also laid during this term. 

Economic crises

Demirel also saw several economic crises during his prime ministry terms. The 1979-80 Oil Crisis also hit Turkey, pushing the inflation rates up to record-high levels. His government instituted a number of economic measures, dubbed the "January 24 Decisions," to make the economy function again. The Turkish Lira was then sharply devaluated.

Demirel summarized the Turkish economy's journey between 1965 and 2000 with the following words at a press conference on May 15, 2000,...