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Category Archives: Economy

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

Turkish Foreign Minister to EU: We Kept Our Side, Keep Yours & Assess Our Bid

The Turkish foreign minister Ahmet Davutoğlu has urged his European Union counterparts to accelerate the process of re-examining his country's bid for full membership, and to not let the Cyprus issue stall it any further. Davutoğlu said that his country is currently amidst a period of unparalled reform aimed at...

Posted on 05 September 2009

Turkey Cuts Interest Rate Again – Now is the Time to Buy Property

Turkey, which had already cut its key interest rate by more than any G20 country has reduced the rate by a further half a percentage point to just 7.75% earlier this week. Turkey has now reduced the over-night borrowing rate by 9% in the last 12 months. The reductions do...

Posted on 21 August 2009

Turkish Banks See Profits Bulge in First Half of 2009

Earlier this year, we followed up on a Forbes report regarding the health of Turkish banks because of the reforms made during Turkey's economic crisis at the turn of the millennium. Yesterday saw several Turkish banks reveal their figures for the first half of this year, which completely backed up...

Posted on 07 August 2009

Turkish Economy Update: Falls in Q1 Ebbing in Q2

A deal between Turkey and the IMF began to look a lot more likely when it was revealed that the Turkish economy contracted 13.8% in the first quarter of this year. This will likely force the government to adjust its forecast of a 3.6% contraction for this year, likely making...

Posted on 03 July 2009