Already the world’s 7th most-popular tourist destination, Turkey has continued to grow in 2011, as economic expansion and political stability raise its profile in the region. The country saw a 10.76% increase in visitors between January to September 2011 compared to the same nine-month period in 2010.The strong growth makes it likely that visitor numbers will top 30m annually for the first time,…
At the high-profile Black Sea Energy and Economy Forum, Turkey’s top leadership expressed strong rhetorical support for the Nabucco gas pipeline project, while reminding Europe that the country plays the key role in Nabucco’s success and implying that more serious consideration needs to be given to its EU membership bid.The paired messages of EU-Turkey gas cooperation and the importance of Nabucco…
Andrew Jeffreys, Editor in Chief of Oxford Business Group, moderates the discussion panel at the Turkey Trade and Investment Forum in London, October 2011. The discussion was a political and economic overview of Turkey and panel participants includedJessica M. Hand, Director UKTI Turkey and HM Consul General, Ziya Meral, Turkish Researcher and Analyst, Mina Toksoz, Head of Country Risk,…
The volume of trade between Turkey and the US is increasing, as the two countries strive to improve commercial ties despite occasional strains in political and military relations. US officials and private sector groups are promoting Turkey to American businesses as a growing economy in a strategic location with a massive labour force.The US accounted for more than $3.7bn of Turkey’s exports and $12.3bn…
Turkey’s second-quarter GDP growth, released by the central bank on September 11, surprised on the up side, with an 8.8% year-on-year (y-o-y) rise that easily surpassed the 6.4% expected by the market. Growth is down from the 11.6% posted in the first quarter, however, and a looming slowdown in the eurozone has many concerned about Turkey’s exposure.Turkish fiscal and monetary policymakers will…
While Turkey’s stock market, like most around the world, has witnessed reversals over the year so far, especially in recent months, it has remained a solid long-term investment, out-performing its emerging market peers.A key sign of international confidence in the economy came in mid-September, when Standard & Poor’s upgraded Turkey’s local currency rating to BBB-. The upgrade led to a flurry…
The central bank (CB) took several measures in August in an effort to reverse the sharp decline of the lira against global benchmark currencies. Since November 2010, the lira has lost approximately one-quarter of its value, and slid 13.5% against the US dollar so far this year, as international investors have steadily removed their money from Turkish markets.A multi-pronged effort is designed to correct…
The future of Bulgaria’s proposed Belene nuclear power plant (NPP) once again hangs in the balance after the decision formally to suspend the project while reassessment takes place. The 2000-MW station is seen as central to meeting Bulgaria’s energy needs and has strong government backing, yet questions of financing and safety remain. A new plant should also help boost the economy as Bulgaria is…
As Turkey’s internet usage rises and opportunities for online shopping gain traction, the rapid expansion of the e-commerce market has attracted the attention of international players.Approximately 36.4m Turkish people have access to the internet on a regular basis, according to the International Telecommunications Union. With the infrastructure for internet service in place and user numbers climbing,…
With demand for domestic hardware and software recovering and renewed interest in the potential of high-value outsourcing operations, the outlook for Bulgaria’s information and communications technology (ICT) sector appears to be considerably brighter.Domestic IT market is expected to grow 5% in 2011, reaching a total value of $947m, up from $902m in 2010, according to Business Monitor International…
