S&P says Turkish economy could be set for hard landing

Gill said there was no risk of a systemic shock to the Turkish economy thanks to the currency regime. Turkey operates a floating exchange rate, unlike during the 2000/01 crisis when a fixed exchange rate system existed.

Gill also said he saw an improvement in Turkey's public debt position.

He also said it was difficult to anticipate Turkey's future credit rating. S&P rates Turkey two notches below investment grade, and holds a positive outlook.