Can Turkey Grow Trade & Cargo?
Although the Turkish economy slid into recession, in 2009 in part due to the steep decline in overseas trade and a falling off in domestic demand, there was no financial collapse as occurred during the downturn of 2001, with the banking sector not only surviving but also prospering and the stock market riding a wave of growing activity. That said, Turkey remains in negative territory and unlike some of Europe’s big economies, such as Germany and France, it may take a bit longer to move out of recession, with many experts predicting a return to growth in the second half of the year. While final year-end results have yet to be released, most indications show that the Turkish economy will have contracted by around 6.5% in 2009, after a 1% increase the year before. Though a marked retreat, an improved regulatory environment, swift interventions by the Central Bank and some measures applied by the state helped to avoid the worst-case scenario. The increasing resilience of the Turkish econom
