"Does Turkey Need IMF Anchor?
According to the Economist’s latest article on Turkey, it’s not a question but rather a settled argument.
The article expends some generic language on how the Turkish economy has been influenced negatively by the current global crisis and how the country may be vulnerable to a crisis that several other countries are already facing. So after six years of non-stop growth, the Turkish stock market, its currency as well as the growth rate have finally taken a hit. The article is quick to point out that Turkish economy has done well after the last intervention by the IMF during the crisis of 2001. The article, unsurprisingly, assumes that IMF is responsible for the successful growth registered by Turkey (as opposed giving due credit to the “hot” money flow into emerging markets during this time period causing littler bubbles in their domestic scenes, for instance) and further elaborates that Turkish economy does well in the presence of “external anchors”."
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