Turkey Unaffected by Euro Debt Contagion says Erdogan

Posted on 04 November 2011

Speaking at the B20 business event at the G20 in Cannes, the ever-charismatic Turkish Prime Minister Erdogan told the audience of CEO’s and businessmen that Turkey’s history of reforms make it immune from the sovereign debt crisis engulfing Europe.

“Structural reforms created an environment ensuring that, even in times of global economic hardship, entrepreneurs were able to drive the Turkish economy to a 10 percent growth rate,” Erdogan said, inviting multinational companies to take advantage of Turkey’s investment opportunities.

I doubt his comments will have made many of the Greeks in attendance at the G20 summit smile, but no one could argue with his logic.

In the first quarter of this year, Turkey became the fastest growing economy in the world. Inflation has taken a bit of a turn upwards in the last few weeks, but the Central Bank has yet to put rates back up, so it should be able to bring it back under control.

Meanwhile export figures continue to soar with another record month in October; the total October figure of 11.8 billion USD is the highest level ever recorded for the month of October, according to data released by the Turkish Exporters Assembly (TIM). The TIM also said that exports over the first ten months of the year were 20% higher than last year. This level of growth should eventually let Turkey come to grips with its trade and current account deficits. And, despite the inflation jump, the list of reasons not to invest in Turkey is still looking pretty bare.

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