Turkish economy feels negative global effects

Dollar and Euro Currency

The Turkish economy, recently hailed as one of the fastest growing economies in the world, is beginning to feel the effects of the global economic crisis.

Both the Turkish Deputy Prime Minister and Finance Minister have admitted that the country’s economy is likely to slow down next year.

There are reports that the Government has lowered its growth predictions and states that it is now IMPORTING more goods than it is EXPORTING.

Emre Yigit, Chief Economist for the Turkish trading house Global Securities, cited the current crisis within the Euro-zone as a particular worry for Turkey’s immediate future.

“Europe is our main trading partner. It takes roughly half of our exports and provides us with roughly half of our imports. So it’s exposed on the trade channel if growth in Europe slows down. If the European recession deepens, then the Turkish exporters will face difficulties.

However, solid efforts on behalf of Turkish businesses to diversify their portfolios globally could help to ease this problem, according to Yigit.

“Let’s not forget the Turkish Lira has already lost 20 percent to 25 percent of its value, over the course of next year. Turkish exporters are much more competitive abroad than they were so this should take care of the export problems.”

The Turkish public, as well as those in the Euro-zone are likely to watch the situation with great interest over the coming months.

Transfer Money to Turkey

If you are looking to invest in Turkey, think carefully about how you will be transferring money to Turkey. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are sending money to Turkey – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

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Turkish economy feels negative global effects

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