Investors have been forced to sit up and pay attention to Turkey as the flow of positive data coming from the country continues. Turkey is now one of the fastest growing economies in the world, and a very popular choice with investors.
Turkey is particularly strong within Europe. EU GDP grew 0.7% year on year in Q1 this year, and 2% year on year in Q2, and its fastest growing economy Slovakia grew 4.7% and 5% respectively according to Eurostat figures. During the period Turkish GDP grew 11.7% and 10.3% respectively. On top of that Turkey is in much better shape fiscally than most European countries, and has a much strong banking system.
A 5.5% year on year growth in Turkish exports, and a 25.3% growth in imports in September is the latest news.
In the current climate, confidence and security are arguably far more important than growth in the eyes of investors, but this is also going well for Turkey at the moment. The years of reform and sound fiscal management of the current government give people a lot of confidence.
However, developments lately are set to have boosted this confidence far more than any of that. The International Monetary Fund managing director Dominic Strauss-Kahn has called Turkey the most suitable emerging market candidate for a seat on the IMF executive board.
The EU has given up 2 seats on the board on the grounds that they go to emerging economies, Dominic Strauss-Kahn, IMF managing director complimented their decision to do so and said:
“I think Turkey is the most suitable candidate for a post on the executive board”, said Kahn, and his views were shared by many according to sources.
The IMF head went on to assess Turkey’s recent economic performance, highlighting the 7.5-8 percent growth. “I think the government is managing the economy very well”, he said.
Les Calvert – Director of Property Abroad and Homes Abroad often writes articles and guides on buying property in Turkey. His 300+ websites feature over 250,000 properties for sale in more than 100 countries around the world.