Istanbul and Bears: Turkey's Economy  

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Jenis: Article from Bulletin/Magazine
Dalam koleksi: The Economist (http://search.proquest.com/) vol. 403 no. 8779 (Apr. 2012), page 67-68.
Topik: Geographic Profiles; Economic Conditions; Inflation; Emerging Markets; Current Accounts; Monetary Policy; Statistical Data

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Perpustakaan Pusat (Semanggi) Nomor Panggil: EE29.71 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Figures released on April 2nd showed that Turkey's GDP rose by 8.5% in 2011 after a 9% increase in 2010. Jim O'Neill of Goldman Sachs, who coined the acronym BRIC to denote the big emerging economies of Brazil, Russia, India and China, has included Turkey in MIST, a second tier of biggish rising stars, alongside Mexico, Indonesia and South Korea. But Turkey's rapid recent growth comes with side-effects that have left its economy vulnerable. One concern is inflation, which was 10.4% in March. A bigger concern is Turkey's growing dependence on foreign capital to fuel its economy: its current-account deficit averaged 10% of GDP last year. Turkey's deficit measured in dollars is second only to America's. More worrying still is that much of the foreign capital that finances Turkey's current-account deficit is of the flighty sort (flows into banks or purchases of stocks or bonds), which can leave again quickly. Enthusiasts brush all this off. Banks are well capitalized, even after a recent surge in credit growth. Public finances are enviable by rich-world standards. Reforms to economic policy-making put in place after a financial crisis in 2001 have made the economy stronger. Yet for all its undoubted strengths, Turkey's dependence on external financing leaves it prone to volatile cycles governed by the greed and fear of foreigners.

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