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10
İŞBANK
ANNUAL REPORT
2010
Dear Shareholders,
I would like to share our evaluation
of the implications of global
developments on the Turkish
economy and the banking sector,
as I submit our Bank’s 2010 annual
report for your review.
2010 was a year in which efforts
were continued to remedy the
adverse effects of the global
crisis and the world economy
returned to growth.
The global crisis, which took
the world’s economies by
storm in 2008, pointed towards
extraordinary times for all
political and economic players.
The precautionary measures
implemented by central banks
and government authorities in a
coordinated manner during the
crisis continued to have an impact
in 2010; it is estimated that the
world economy grew by 5% in 2010.
The growth in the global economy
was fundamentally driven by the
strong performance of developing
countries, while the contribution of
the developed economies to global
growth was limited.
Currently, there is an increasing
trend toward adoption of
contractionary monetary policies
in parallel with the rise of inflation
in developing countries, which
have delivered strong growth and
are leading the way out of the
global crisis. Meanwhile, developed
countries, forced to transfer capital
from public funds to the financial
sector, resorted to loosening their
monetary policies, which prompted
Chairman’s Message