The world is going through "a large and multi-faceted crisis," Muhtar Kent told Fortune Turkiye adding that the crisis, which began with housing and then leaped top finance, would hit manufacturing soon.



"Everyone predicts the crisis will leap to manufacture, and a demand will significantly drop," Kent said in an exclusive interviews published in the Magazine's November issue.



"Everyone, including me, expects a contraction in macroeconomic growth. We have not yet felt the crisis' reflection on the road yet. We are not even at middle of the crisis," he added.



However, this is not the collapse of the free market; Kent said but warned Turkey for its high current account deficit which poses risk.



"Turkey should reduce its current account deficit... It is clear that Turkey's overall trade volume will decrease. Western Europe is sick due to crisis. Therefore, Turkey should pursue policies of austerity so the deficit will not grow more. We should close the trade deficit and create a balance," he also said