Thursday, 10 September 2009Turkish Statistical Institute (TURKSTAT) recently announced the second quarter growth rates in Turkish Economy. Accordingly, Turkish economy was shrinked 7% in the second quarter of 2009. The Turkish economy grew -13.8% in the first quarter and it was one of the sharpest declines in the world. During the same time period, Argentina (4.9%), China (6.1%), Egypt (4.3%) and India (5.8%) succeeded to grow; whereas, Brazil (1.8%), Malaysia (6.2%), Mexico (8.2%), Russia (9.5%) and South Korea (4.2%) shrinked.
Turkish economy, after experiencing a severe financial crisis in 2001, started to perform considerably a high performance and recovered in a relatively short period of time. After then Turkish economy grew 6.8% between 2002 and 2007, which is an unprecedented success in the history of Turkish economy. However, the global financial crisis inescapably affected Turkey and all indicators turned negative started from the late 2008. In the first quarter of 2009, the economy was shrinked by 13.8%, from many aspects an unexpected result for the analysts. One of the commentators on Turkish economy, Gungor Uras, argues that “the unexpected result is due to the wrong economy policies. It is of vital importance to find and correct the mistakes in the economic policy to reverse the negative trend.”
By Mustafa Kutlay (JTW)
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Thursday, 10 September 2009
Journal of Turkish Weekly
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