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Future of the Turkish Economy: Turkey economic outlook, growth, inflation. Futurist Speaker

I’m here in Istanbul which is one
of my favourite places in the world and the date is February 2014, which will go down i think as a very significant period in
this country’s life. Now, in the early 2000s we saw a big crisis in Turkey with a huge fall
in the currency the IMF stepped in and imposed all kinds of austerity measures and so when, the global crisis hit in
2009/10 Turkey was actually very well placed to
withstand the shocks, they were well positioned with low debts, a relatively stable economy, and did very well and recovered
pretty briskly as a result, and through to 2012 thorough to 2013, the economy was growing well. Now, 2014, overheating, interest rates rising,
currency falling, we’ve had the Federal Reserve look like they’re going to stop this business of printing money, they’re going to taper it off, this process of quantitative easing, and
that means that investors are, are worried, they’re taking
money out some emerging markets and bring it back to the U.S. which has further damaged the stability here in Turkey. But, you know what, these things shake
out, and we will find that as the Turkey
currency falls against a basket of other currencies that Turkish exports become more competitive,
it will provide a stimulus and so on but it doesn’t help very much if you are
experiencing major short-term pain in the process of transition, which
many businesses are right now. And, at the same time, we have a Prime
Minister who has been hit by all kinds of reputational issues regarding allegations of corruption, affecting
members of his own party, his own government. And, we have a judiciary, which has come under pressure, we have all kinds of
changes taking place in the police force, as a result of government changes, we have new
regulations affecting the freedom of speech
potentially on the Internet which we have to see how these
actually play out but, they give quite wide-ranging
powers to the government to impose a censorship of particular websites and so on
as they, they think necessary, so, all kinds of
pressures are taking place in a country which is fundamentally
very young, very vibrant. It has a much higher percentage of younger people in the population than that the European Union, for example. A country which has a whole stack of very interesting and entrepreneurial
large corporations, many of which are family-owned. There are around 200 industrial owners who control a big chunk of the manufacturing output of Turkey, who are highly influential, multiple
entrepreneurs. They have huge business interests in many different areas of this country
and indeed across the entire region. And of course, in addition to that, Turkey
itself is placed in such a fascinating strategic
crossroads, between East and West, North and South. At an interface between different kinds ancient
civilizations and cultures, Christian and Muslim and so on. And, Turkey is a country therefore, of pivotal
importance. Economically, politically, socially, regionally, and from the manufacturing point of view, and is doing all kinds of very important
cutting-edge innovation in products and services.

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3 thoughts on “Future of the Turkish Economy: Turkey economic outlook, growth, inflation. Futurist Speaker

  1. Here's a short video comment on the future of #Turkey and the Turkish #economy, #inflation – #Futurist trends analysis.

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