G20 Meeting and Turkey's Economic Status
Globalism has offered tremendous opportunities to emerging market and developed economies in recent years. But, as the current worldwide economic crisis shows, it also exposes them to risks. In response to the current crisis, Prime Minister Tayyip Recep Erdogan will lead a Turkish delegation at the G20 meetings in Washington on November 15. Along with counterparts from around the world, Prime Minister Erdogan will press for a coordinated strategy to limit the global economy's risks while maximizing its opportunities for all countries.
Internationalist approaches by bodies such as the G20 will do much to halt the deteriorating financial situation. Indeed, the G20 is in many ways better equipped to address current global challenges because it is more representative of developed and emerging market economies alike. The world will benefit from giving the G20 continuity and a greater role and responsibility in addressing the global crisis, starting with a Bretton Woods-style approach that takes into account the needs and concerns of the full spectrum of the world's economies.
All signs show that Turkey will feel the economic pinch of the world financial crisis. But Turkey is well-positioned to weather this gathering storm better than many nations. It remains a solid bet for would-be investors and trading partners, offering emerging market growth with developed market risk
Turkey owes its current position to steps it has taken over the last several years to expand privatization, exercise fiscal discipline in the public sector, fight inflation and create a regulatory environment that ensures prudent private-sector business practices and enact critical banking sector reforms.
During that same time, the Turkish economy became increasingly more integrated into the global economy. Turkey's annual GDP growth has averaged a healthy 6.6 percent over the last six years (tripling per capita GDP), making ours one of the fastest growing emerging market economies in the world. This sustainable economic growth period in Turkey overlapped with rapidly surging foreign trade. Also, foreign direct investment in Turkey grew to $22 billion USD in 2007, up from about $1 billion USD in 2001. Also, during this period, Turkey increasingly became a production and logistics base for European markets and a critical transit point for energy supplies moving mostly from the East to the West.
Furthermore, Turkey has the largest private sector in the region from Italy to China. We realize 65% of Middle East and North Africa region's industrial exports. Turkish industry has attained a level of making direct or indirect investments around the globe, particularly in the Central Asian, Middle Eastern and overall Eurasian countries. Only within the radius of three hours of flight from Turkey one can reach 53 different countries and a market of 600 million people.
For more detail about Turkey's current economic position, please visit “Info Notes”.
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