Turkish Economy Rebounds Strongly from Recession

Posted on 03 April 2010

Turkey’s economic recovery is gathering pace and it won’t be a surprise if first-quarter figures show that output grew 10 percent or more from a year earlier, Deputy Prime Minister Ali Babacan said.

Turkish manufacturers are building up stocks, reflecting their confidence in the economic outlook, and companies’ order books are growing, Babacan said in an interview with NTV television today.

The markets apparently agreed with him, because his statements sent the ISE National 100 index to near record highs. The ISE gauge rose 351.65, or 0.6 percent, to 58,059.86 at the close of trading in Istanbul, approaching the all-time high of 58,231.90, recorded in October 2007.

Earlier this week, the Turkish statistical institute Turkstat, revealed that Turkish output was 6% higher in the final quarter of last year, than a year earlier. This growth was second only to China, which recorded a growth of 10.7% in the final quarter of last year.

This is a great time for Turkey. The country is effectively standing on its own (without IMF assistance), investors are readily beating a path to Turkish ventures’ doors, with a leading venture capital outfit predicting that Turkey will become a centre for venture investment, and now the Turkey is bouncing back strongly from the recession.

All the while Turkey is expanding its influence around the world, with new agreements and deals, always positioning itself as a vital part of the global financial and political infrastructure.

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