TURKEY: Culture clash
09/10/2013 | David O’Byrne
Turkey was the investors’ darling last year. This year, external and domestic problems have put investors’ feelings to the test
What a difference a year makes: only 12 months ago Turkey was a model of political and economic stability. The government of Prime Minister Recep Tayyip Erdogan was looking comfortably settled into its third term in sole majority control. The Turkish economy, having sailed largely unscathed through the eurozone crisis affecting its western neighbours thanks to a healthy degree of fiscal prudence was, if not booming then at least looking comfortable. It was recording consistently among the highest growth rates in the OECD, and was comfortably placed to take advantage of the tentative upturn in Europe which promised a dividend for Turkey’s export-geared manufacturing industries.
More:TURKEY: Culture clash | Emerging Markets
