Within the last eight years Turkey's economy has progressively showed a great performance. During this period, Turkey's economy has achieved a robust structure and shown as an emerging star across the world. Thanks to the exact, determined, proactive policies and having committed to the structural reforms and fiscal discipline Turkish economy has attained its current healthily structure.
Despite the global financial crisis, which is evaluated as the biggest one after the Great Depression lasted until the late 1930s or early 1940s, Turkey's economy could be able to cushion against challenges of the global crisis. Previously taken measures and smart management have played significant role in this success.
Monitoring these positive developments in the Turkish economy, the foremost economies' actors of the world has been lauding Turkey's progress and show Turkey as a global power. Having passed through a crucial test during the crisis without stumbling, Turkish economy has become an example economy for the world.
When we look at the positive developments on the economy during the past eight years, Turkish economy has enjoyed outstanding advancements. Turkey's ruling party has been able to achieve plunging the rates of interest and inflation down from the double digits to the single level in this period.
Meanwhile, Turkey successfully eliminated six digits from the Turkish currency, so TL was released from the banknotes having many zeros and has won valuation. Turkey has also managed the Turkish lira (TL) to pose as a strong rival against the US dollar and the euro in the last eight years.
In recent years, prosperity is gradually increasing in Turkey and low-income groups do get their share from that prosperity. It is observed that there is a significant surge in purchasing power.
Based on data collected by the Turkish Statistical Institute, the Organization for Economic Cooperation and Development and the State Planning Agency, national income per capita, which used to float around $3,000 to $4,000 between 1998 and 2002, has been on the increase.
As of the end of 2010, it is predicted to reach by $9,305 and $10,000 for the first time in the history of the Turkish Republic and to reach $11,228 by the end of this year.
So national income per capita would gain 3-fold growth in 10 years.
Another progress in the economy according to the internationally economic analysis, Turkey takes place in the E7 emerging economies (China, India, Brazil, Russia, Mexico, Indonesia and Turkey). Likely E7 would overtake the G7 economies (US, Japan, Germany, UK, France, Italy and Canada) before 2020.
As for another calculation, it is said the shift in the economic world order is slower but equally inexorable, with the E7 projected to overtake the G7 around 2032.
Overcoming the global crisis in 2008 and 2009, it is expected Turkey's economy to grow up to 8 percent in 2010.
The important handicap of the economy is current account deficit which stem from being an internationally energy-addicted country, in the rate of 74 percent. It is the biggest item in the country's spending via foreign current exchange.
When Turkey activates its alternative energy resources into force steadily by its national resources such as wind, solar power, hydroelectric and biofuel and then the internationally energy dependency will turn into downward side.
Finally, during the passed 8 years Turkey has smartly allowed its dynamic potentials activate in both home and abroad, so thanks to this Turkey has begun to change in every aspect ranging from democracy to rule of law, freedom of expression and from foreign policy to economy growth, per capita income. It is seem that in the next period these indicators will develop more by exact, decisive, determined policies of the ruling administration.
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