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Turkey's Economy Surged 11% in Quarter
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Serious problems facing Turkey's economy. Turkey takes on too many risks as exports cannot keep up with rising imports leading to a severe current account imbalance. Official statistics show the economic growth at 11% in the first quarter, with the growth coming mainly from the construction, retail and financial sectors, and a result of a surge in demand and rapid credit growth. Imports expanded at 42.6% , and exports at 11.7%. The Turkish manufacturing sector has not strengthening its competitiveness. And increases in manufacturing output come from increased imports- with 85% of imports being commodities and semifinished goods, according to an Istanbul economist who contributed to a recent 350 page strategy report commissioned by the Erdogan government. Fast economic growth comes from rapid growth in credit, and consumption demand, but the underlying manufacturing competitiveness and economic fundamentals show warning signs. The government of prime minister Erdogan- distracted by politics and efforts to change the constitution- appears not to have grasped the urgency of the situation it faces.
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Linked Articles
A wake-up call from the voters
Economist 04/04/2009
Turkey's Economy Surged 11% in Quarter
Wall Street Journal 07/01/2011
Risks in emerging markets in 2012-2013- Turkey (3)
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Linked Articles
Turkey's Economy Surged 11% in Quarter
Wall Street Journal 07/01/2011
Wall Street Journal 07/30/2011
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Linked Articles
Turkey's Economy Surged 11% in Quarter
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