Turkey Takes Place as One of World’s Hottest Emerging Markets

Posted on 18 April 2010

Turkey is undoubtedly one of the hottest emerging markets in the world right now. Investors are buying Turkish stocks and bonds in record amounts. That is not a figure of speech; the Istanbul Stock Exchange index hit an all-time high on Apr. 9. This was the high-point of a 52-week run that saw stocks double in value.

Behind the confidence is a sense of conviction that economic fundamentals in Turkey have improved so much in the past eight years that things like political ruckuses etc, won’t stop the forward momentum.

“This is an economy with a deep manufacturing base and a large middle class,” says Turkish-born Murat Köprülü, chairman of Multilateral Funding International in New York, which manages about $120 million of emerging-market assets. “[Turkey] is going to pick itself up again after a political crisis and show growth,” he said.

There is nothing to stop Turkey from growing into one of the world’s leading economies. Industrial production grew 12% in January, and 18% in February according to Turkstat. Turkstat also told us that GDP grew by 6% in the closing quarter of last year, and the expectations are for a growth of 10% in the first quarter of this year.

Unemployment is a major concern, but this does not concern investors investing in companies or properties, as they look more closely at different factors. The unemployment problem exists because of rapid population growth, which is in fact a plus for the potential of property investments.

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