‘Turkey’s Delight: A Growing Economy’

Just 18 months ago, the magazine said failure was possible for even the strongest Turkish firms due to the crises in the country. Today, its view is completely different.

Business Week said, contrary to expectation, Turkey was, ‘one of the most dynamic economies in Europe.’

The magazine noted that production increased, export was up 34 percent for the first half of the year and inflation, said to be ‘Turkey’s Achilles heel’, dropped to its lowest level in the past 30 years. Merrill Lynch & Co. emerging-market economist Mehmet Simsek said Turkey’s performance was very good and that he expected five percent growth this year.

The magazine attributed Turkey’s economic recovery to the Turkish government led by Prime Minister Tayyip Erdogan, and its commitment to reforms. It mentioned the work of Minister of State Ali Babacan and Minister of Finance Kemal Unakitan, citing changes in the retirement system, new insolvency laws, security in the public sector and speeding up privatization. Business Week also wrote that the government’s treatment of the Uzan family was proof of its fight against corruption.