29 Ekim 2010 Cuma

Economic perspective of Turkey

Turkey's economy is shown as a dynamic economy by the international institutes because of enjoying cheerful developments in recent years. Of course in these positive developments political stability has played significant role. Due to the government that is ruled by a single party has brought strength to the country compared to the long term coalition governments which pursued populist and myopic policies by 2002. Since late 2002, pleasing progresses have being enjoyed almost in every aspect either inside or abroad.
In 2008, even though the economy obtained strong advancements between 2002- 2007, the GDP annually fell to a 0.9%, due to global contractions and then contracted by 5.8% in 2009.
Emerging quickly from the global economic crisis that caused economic recession which is regarded the deepest and the most widespread in more than six decades, without any outstanding damage and not taking any international financial aid, Turkey is also shown an example country.
Turkey's financial markets and banking system also weathered the 2009 global financial crisis and did not suffer significant declines due to banking reforms implemented during the country's own financial crisis in 2001.
According to the authorities, Turkey has recently been carrying out the successful economic policies and has set a commendable example not only for its region, but for the entire world.
Economists also predicted that economic activity would be better than expected in the final quarter of 2010.
Having a huge development potential, Turkey will be able to maintain its growth depending firstly on stability in both home and international markets.
Thanks to its strong and resilience structure, Turkey's economy posted 10.3% gross-domestic-product growth in the second quarter over the same period preceding year.
According to the forecast of the IMF, Turkey's economy may expand 7.8 percent this year, this might be more than double the pace of European other emerging markets.
The positive developments that are observed by the analysts, the country is shown as a much greater regional and global presence. By successful economic policies, Turkey is also shown a praiseworthy example not only for its region, but for the entire world.
According to Finance Minister Mehmet Şimşek, Turkey would be one of the unique European countries to achieve Maastricht criteria in terms of budget deficit which was foreseen in the budget program for the fiscal year of 2011.
When we take look at Turkey's future expectations in terms of economic projections, the country is planning to achieve a $2 trillion worth of economy, with per capita income up to $23,000, in addition having scheduled for a 500-billion dollars worth of exports per annum by 2023.
Turkey's economy has over recent years become more and more diversified.
The main sectors of Turkey's industries are textiles and clothing, in addition production of automotive and electronics industries are quickly gaining ground. Especially automotive sector is regarded as a rising star due to its state-of-the-art technology and exporting almost allover the world. Also the construction sector is another emerging star in the neighboring and surrounding countries.
In addition to the bad sides, there was also a positive side of the global crisis for the Turkish economy; inflation plunged by 5.9 pct in 2009, 34-year low.
Although having enjoyed good things in the economy, there is also something to be fulfilled and structural problems to be solved such as current-account deficit and trade deficit.
The government raised its forecast for this year's current-account deficit to $39.3 billion, or 5.4% of GDP, from $18 billion. This year's trade deficit is expected to be $65.8 billion.
In conclusion, while Turkey tries to maintain its positive developments, it also will exert to solve its two main problems, current account deficit and unemployment.