Turkey’s Business Environment and Economic Outlook
HE Nihat Zeybekci, Minister of the Economy, Republic of Turkey
There are a number of reasons to be optimistic about Turkey’s economic prospects. The country is officially recognized as a candidate for full European Union membership and ongoing EU Customs Union negotiations are a key driver for change in Turkey's business environment. Turkey is also seen as a springboard to the markets of Central Asia and the Middle East and the recent revision of its national accounts led to a noteworthy improvement in the country’s economic position in relation to other emerging economies.
However, Turkey faces a number of major challenges to successfully fulfilling its economic potential. How have recent domestic terrorist incidents, as well as the conflict on its southern border, impacted upon the country’s consumer and investor confidence? How can Turkey ensure that rising national debt is kept within manageable levels while continuing to invest in major projects such as Istanbul’s third airport? And if inflationary pressure continues and the Lira depreciates further, might the central bank look to increase interest rates?
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