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Tensions With Russia Add to a Chill in Turkey’s Economy
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The slowing economy of Turkey as the wars in Syria and Iraq take their toll reducing demand for Turkey's exports. The conflict with Russia also affects Turkish exports. Growth slows to 2-3% a year in 2015-2016.
Turkey's economy in 2015 as seen from Eskisehir between Istanbul and Ankara.
11/29/2015
Keith Bradsher of the NYT provides glimpses of Turkey's slowing economy from a town set on the high speed rail line between Istanbul and Ankara. The shooting down of a Russian plane means the loss of farm exports to Russia. The wars in Syria and Iraq has reduced the exports to these countries. Cheap Chinese exports have also replaced Turkish exports in some countries. Wages for construction workers have dropped with Syrian refugees taking up jobs at lower wages. Construction continues to grow in Ankara and Istanbul as people from other parts of the Middle East invest in apartments in Turkey as a safe haven.
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Tensions With Russia Add to a Chill in Turkey’s Economy
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The global economy in 2015-2016- slowing growth in China, Brazil, Russia and Turkey, as growth picks up in the U.S. and India, and Europe emerges from the eurozone debt crisis
11/29/2015
High debt to GDP ratios in China, Brazil and Turkey lead to slowing growth. India is the exception in emerging markets as foreign investment increases and GDP growth is above 7%, with a boost from halving of oil prices. Europe sees the need for more quantitative easing, and the U.S. makes a slow recovery. Russia may see an improvement after a large devaluation of the ruble. Argentina's prospects are seen as improving with a change in government. Canada sees a change from the drift in the last years of the Harper government and the hollowing out of the industrial sector, with the election of Justin Trudeau. Overall the situation in 2015-2016 is a marked improvement compared to ten years earlier in 2005, as debt issues are tackled seriously in Europe and the U.S. and governance in the private sector improves.
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Tensions With Russia Add to a Chill in Turkey’s Economy
New York Times 11/29/2015
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