POSTED: June 22nd 2012

NewsUpdate

Istanbul 2020: Fast growing economy praised at St Petersburg Economic Forum

Bustling Istanbul has a strong tourism market as well / SFC

LAURA WALDEN / Sports Features Communications

June 22 - The Istanbul 2020 bid to host the summer Games got a strong boost this week from the St Petersburg Economic Forum as the group praised the growing economy. Moody's Investors Service also raised the national credit rating adding further credibilty to the campaign.

Managing Partner of TGP Capital, Stephen Peel, said, “Turkey has one of the fastest growing economies anywhere, with great demographics."

Moody decided to raise Turkey's credit rating to one level below investement grade, they also said about the outlook for the future “the drivers that led to today’s rating upgrade will continue to improve the country’s fiscal and macroeconomic resilience.”

The next day at a session of the forum entitled ‘Turkey’s Shifting Investment Flows’,  panellists applauded the economic growth of the country rated 8.5% last year.

Hasan Arat, head of the Istanbul 2020 bid, noted on the effect the Games could have on the youth, “Turkey’s economic strength is important because it will allow our bid, and the 2020 Games, to reach their full potential.

"Our Master Plan is ambitious in scale and would be spectacular in execution; we want the 2020 Games to be an iconic celebration of sport that unites and inspires young people all over the world.”

The flourishing economy and the development of infrastructure is in part driven by the younger generation of the country which is very much behind the bid to host the Games.

Istanbul is competing against Madrid and Tokyo to host the summer Olympics. The IOC will vote on September 7th 2013 in Buenos Aires, Argentina at the session.

Keywords · Istanbul 2020 · Hasan Arat · TGP Capital · Stephen Peel · Moody's Investors Service

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