Low debt and inflation underscores Turkey's growing economy

Turkey is well placed to emerge from the global economic slowdown ahead of other countries in the EMEA region

Having endured loose fiscal policy and chronic high inflation for decades, Turkey has managed to solve most of its structural problems. Supported by a stable political landscape, Turkey has transformed itself into a vibrant growing economy, which has recorded 6% average GDP growth from 2002 up until 2009. Nevertheless, Turkey was not shielded from the global economic slowdown. Gross domestic product is likely to shrink by more than 5% during 2009 and unemployment peaked at 16.1%, later easing to 13.4% in September. Despite a large current account deficit, the Turkish Lira has remained...