Posted on 14 February 2011
Mastercard says two Turkish cities among top 50 emerging spots
Istanbul and Ankara have been listed among the top 50 emerging cities in a recent study by MasterCard Worldwide, making Turkey the only European country other than Russia to be represented with more than one city.
According to the Worldwide Centers of Commerce: Emerging Markets Index, which was released on Oct. 22, Istanbul‘s position in 15th place suggests that Turkey‘s financial capital “is a formidable center of commerce deserving of attention.” Just like Russia, the study noted, Turkey has a large population, which is growing rapidly. Turkey’s capital city of Ankara ranked 50th.
When it announced the results of its study, MasterCard quoted a recent report by the International Monetary Fund (IMF) that estimated global economic growth will be driven primarily by emerging economies at an unprecedented ratio of 12 to one compared to well-developed economies. Therefore, the study inferred, emerging markets are becoming increasingly important investment and business centers.
The index aims to provide valuable insight into the 65 leading cities with emerging markets. Cities are generally considered leading indicators of national economies, making the study an important barometer of larger global economic trends and growth potential over time.
“By evaluating 65 emerging market cities and their increasingly important roles in global commerce, the index offers companies a roadmap for where commerce is headed next,” Walt Macnee, the president of global markets for MasterCard Worldwide, said in a company press release.
The index evaluated cities on eight dimensions related to their business climate, political environment, economic growth, commercial connectivity, quality of life and other areas, also exploring global and regional economic trends that distinguish these cities as future centers of economic development.
28 October 2008, TODAY’S ZAMAN (Abridged)