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Category Archives: Economy

Fitch Follows JP Morgan, Upgrades Turkish Currency on Stronger than Average Growth Forecasts

Yet another internationally respected financial outfit has bet on Turkey’s economy to recover faster from the downturn that the rest of the developing world. Yesterday saw Fitch upgrade Turkey’s long-term foreign currency rating by two notches to BB+ from BB-. The outlook on the ratings is stable. "The upgrade reflects...

Posted on 05 December 2009

Turkish Stocks Upgraded to Overweight by JP Morgan Chase & Co

Turkish stocks have been upgraded from neutral to "overweight" by major investment group JPMorgan Chase & Co. The group believes that the Turkish economy will recover faster than most emerging markets in 2010, though Turkish economy minister Ali Babacan's statement that a deal with the International Monetary Fund was on...

Posted on 03 December 2009

Turkey Central Bank Cuts Rates Again, Borrowing now at Record Low

The Turkish central bank has cut the key interest rate even further in a bid to shore up the recent economic upturn. The CB cut rates by a further 25 basis points, bringing borrowing rates down to a record low of 6.50 percent and lending rates to 9 percent. This,...

Posted on 27 November 2009

Turkey Construction Output to Grow Among Fastest in World in Coming Decade — Research

The global construction industry will grow by 70% over the next decade as output in emerging markets overtakes that of established markets, according to new research. The Global Construction 2020 report, from market analysts Global Construction Perspectives and Oxford Economics, forecasts that total construction output will rise from the current...

Posted on 19 November 2009

Saudi Arabian Minister Meets with Turkish President – likely to Discuss Increasing Trade

Turkish President Abdullah Gül received Saudi Arabia's minister of state in Ankara on Friday. Gül and Saudi Arabia's Minister of State for Foreign Affairs Dr. Nezar Obeid Medani had a closed-door meeting at the Çankaya Presidential Palace. This is in return for a visit to Saudi Arabia by Gül in...

Posted on 30 October 2009

Turkish Airlines to Boost Medical Tourism with 25% Discount on Fares

Turkey's national airline is to offer a 25% discount to people who are flying into the country to receive medical treatment. This is likely to be a massive boost to Turkey's medical tourism industry. Medical tourism is currently the fastest growing sector in the travel and tourism industry. The name...

Posted on 22 October 2009

Turkish Economy to see Strong Recovery in 2010 says the IMF

The IMF has just issued its World Economic Outlook and it is very positive on the Turkish economy. Unfortunately the report is generalised, but I picked out the following on Turkey: Sizable output gains forecast in 2010 (page 77) 3.7% GDP growth forecast in 2010 - among strongest of all...

Posted on 03 October 2009

IMF to Resume Negotiations with Turkey, Agreement Unlikely

International Monetary Fund Chief Dominic Strauss Kahn said today that the IMF would restart negotiations with Turkey after the annual meeting in Istanbul. Some 15,000 delegates are descending on Istanbul for the annual meetings of the World Bank, the IMF, including finance ministers from the G7 nations. Last week it...

Posted on 02 October 2009

American Tourism to Turkey Rising as Hotel Infrastructure Expands

We have covered on this blog, the massive rise in British tourism to Turkey, which has averaged 20% for the last few years and is expected to hit 25% this year as the strong Euro damages the traditional favourites. Tourism from America is also rising, in fact it grew 2.4%...

Posted on 22 September 2009

Turkey Cuts Key Interest Rate Again – Good News for Property Market

The Turkish central bank has cut its key interest rate by a further fifty basis points. The ninth cut in 11 months now leaves the rate at 7.25%. Turkey has cut its interest rate by more than any other G20 nation. A recent house price index found that the falling...

Posted on 19 September 2009