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Turkey’s economy: Saved by the well
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The lower oil prices in 2015 helps lower the current account deficit, which reached 7.9% in 2013, to 5% projected for 2015. Inflation is projected at 6.8%. GDP growth of 3.5% is expected for 2015. Turkey imports oil amounting to about 6% of GDP making for a large impact. Weakness is in the area of manufacturing, as Turkey's high tech exports are only 2% of manufactured exports, according to the Economist. About 1% of Turkish students have advanced computer skills. With problems in Brazil and Russia, money flowing into emerging markets is giving Turkey a second look after the emerging markets crisis in early 2014, when the lira slumped and interest rates had to be increased. The economy is recovering in 2015 from that situation. Two major beneficiaries of lower oil prices in emerging markets are India and Turkey in 2015, as both economies struggled with a large oil import bill.
The effect of lower oil prices on Turkey's economy- lowering the current account deficit to 5% in 2015 from 7.9% in 2013
01/18/2015
With 6% of GDP going to oil imports the lower oil prices in 2015 helps to lower the current account deficit. The lower oil price and more capital inflows boosts growth as Turkey is dependent on capital inflows. Higher interest rates hurt growth during the emerging markets crisis in early 2014 and a drop in the value of the lira.
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