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Economy in Turkey

  • Prime Minister Davutoğlu’s G20 Speech in Davos

    TURKEY, 2016/04/09

  • 2015 marks a bleak year for Turkish economy

    TURKEY, 2016/01/05 Once the front-runner in the league of emerging markets, the Turkish economy finished 2015 with external pressures along with ever-growing internal woes, both of which have spooked foreign investors in the country. Crackdowns on dissenting companies and pressure on businessmen perceived to be critical of the government became a common occurrence in 2015, with citizens' property rights coming under continuous threat. In an by presently fragile atmosphere in which investors have preferred the recently recovered US economy to those of emerging markets, the seizure of companies for what a lot of call political purposes has been regarded as Turkey shooting itself in the foot.

  • Turkey October Current Account Gap Narrows

    TURKEY, 2015/12/11 Turkey's current account deficit in October narrowed from a year ago, mainly due to a smaller visible trade gap, the central bank said Thursday. The current account deficit fell by $2.18 billion to $133 million. Economists had expected a shortfall to $200 million. In September, there was a surplus of $117 million. The deficit in the trade in goods declined by $2.33 billion to $2.36 billion. The surplus in the services trade was $2.85 billion, lower by $170 million.

  • Turkey at a crossroads

    TURKEY, 2015/11/28 The new economic data and outlined key elements that could drive Turkey to register an economic rebound in 2016. “The slowdown in China will weigh on the world economy while world GDP increase in 2015-2016 should remain below 3 %,” said Wilfried Verstraete, chairman of the Board of Euler Hermes. “Mature markets have remained reasonably stable, whereas we have seen clear signs of deterioration in emerging economies. Nations that would be the majority impacted by a US Federal Reserve Bank rate hike will include Turkey, inclunding Brazil, Nigeria, Russia and South Africa. However, we foresee a lot of opportunities for Turkey to climb the price-added chain.”

  • Most secure way to hold savings in Turkey: In gold they trust

    TURKEY, 2015/04/04 From the outside, it looks like any other automatic bank machine on the streets of Istanbul. But rather than notes, this one distributes small pieces of gold. Gold is hugely prized in Turkey not just for ornamentation or investment by banks but as a fasten way for private individuals to hold their savings. A lot of people in Turkey -- which has one of the lowest private savings rates part major economies -- keep gold as security for a "rainy day" rather than products offered by banks.

  • Turkey growth weakens in 2014

    TURKEY, 2015/03/31 Turkey's economic increase weakened last year to 2.9 %, well down on 2013 and creating worries for the Islamic-rooted government ahead of June legislative elections, official data showed on Tuesday. Gross domestic product increased by 2.9 % in 2014 from the year before, well behind the government's official target of 3.3 %, the Turkish Statistics Institute (TUIK) said on its website. The economy grew by 2.6 % year-on-year in the fourth quarter of 2014, according to TUIK, compared to 1.7 % in the third quarter, 2.2 % in the second quarter and 4.8 % in the initial quarter.

  • Revised IMF forecasts signal gloom on global economic outlook

    AFGHANISTAN, 2015/01/20 Low oil prices will not provide a sufficient updraught to dispel the clouds hanging over the world economy, the International Monetary Fund said on Tuesday. In a sign of its increasing gloom about the medium term economic outlook, the IMF cut its world economic increase forecasts by 0.3 % points for both 2015 and 2016, despite believing cheaper oil represents a “shot in the arm”.

  • Erdoğan risks path to economic depression

    TURKEY, 2014/12/21 This is a quote from a commentary on a Turkish daily's words this weeks that strike the right tone regarding major blows to policy of law in Turkey amid intense government pressure on opposition figures, inclunding the free media. A police raid of the headquarters of Turkey's best-selling daily Zaman on Sunday, Dec. 14, and the detention of prominent journalists have sent shockwaves around the world, with experts even questioning Turkey's political role in Europe and Ankara's ability to maintain economic stability under growing authoritarianism at home. Observers are presently saying they fear that a vicious cycle of political and economic depression in Turkish history due to decades-old structural problems in democracy has from presently on to repeat itself. Some recently dubbed this the “Turkish Disease,” referring to the fact that a relative development in economic and social prosperity leaves its place to deep depression each and each 10-15 years.

  • Turkish economy outlook uncertain for second half of 2011

    TURKEY, 2014/07/10 The outlook for Turkey's economy in the second half of the year is not as positive as that for the initial half, due to a slowdown in the country's increase and the world economic situation. The Istanbul office of the Italian Trade Commission (Ice) said on Wednesday that market conditions make it unlikely that yield levels will be as high as they were in the initial half of 2014, urging investor caution. Ice noted that in the initial half of the year the financial markets of developed nations grew by 5%, while those in developing nations saw 4.8% increase.

  • Turkey's whirlwind rise to the major economy

    ITALY, 2013/11/26 Turkey's whirlwind rise to the major economy at the international level was underscored Monday morning during a conference in Rome entitled ''Italy and Turkey to promote bilateral relations between SMEs'', organized by Invitalia, the national agency for investment promotion. Opening remarks were made by Invitalia chief Giancarlo Innocenzi Botti, who said that a lot of nations labeled 'emerging' markets a few years back had since risen to become players on the international scene, and that Turkey was unquestionably part them.
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