In 2006, Turkey received 19.6bn cubic metres (bcm) of gas from Russia (63% of total gas imports) of which 7.4 bcm came through Blue Stream, a major trans-Black Sea gas pipeline that carries natural gas directly from Russia to Turkey. Although the volume carried through Blue Stream is increasing in pace, the capacity used is still less than 50%. Half-empty Blue Stream serves as a "last resort" option…
The year 2009 was a turbulent time for global business, with the UAE in particular facing some stiff challenges. To say that Ras Al Khaimah (RAK) sailed through the economic hurricane untouched would be false, but thanks to sound economic planning, 2009 was a year of stable progress for the emirate. The authorities have encouraged the development of the manufacturing sector, part of a long-standing…
Turkish officials have strenuously pointed out over the last few weeks that Turkey has met all the targets for 2001 as agreed with the IMF and has introduced new laws in recent weeks that were set as preconditions for further Fund financing of around $10bn. The measures are aimed at curbing state subsidies to tobacco farmers, forbidding the state to lend funds to weak banks and reducing corruption…
The State Statistics Institute (DIE) released March inflation figures on April 3rd that indicate some progress in Turkey’s battle against inflation. Consumer prices (CPI) rose 1.2% against market expectations of 2.5%, while wholesale prices (WPI) rose 1.9% against expectations of 2.6%. Analysts have reacted favourably to the announcement, and the Istanbul Stock Exchange's 100 Index was boosted…
As Turkey pursues a strict regimen of fiscal belt-tightening and structural reforms, Foreign Direct Investment (FDI) languishes in the malaise of existing political and economic uncertainty and bureaucratic strictures. Nevertheless, FDI is crucial if Turkey is to pull itself out of its worst recession since World War II, in which the economy shrunk by almost 10% last year. Under the current $16bn…
The following interview with Economy Minister Masum Turker appears in the current edition of Emerging Turkey 2003, which has just been released internationally. To order the book call +90 212 677 0580/81 or +44 207 403 7213, or visit our website, www.oxfordbusinessgroup.com. PRESIDING OVER PROGRESS OBG: The second quarter results for economic growth were exceptionally high, as were the growth rates…
The following interview with Ajay Chhibber appears in the current edition of Emerging Turkey 2003, which was just released internationally. To order a copy of Emerging Turkey 2003, call 44 207 403 7213 or 90 212 677 0850, or visit our website www.oxfordbusinessgroup.com. So Far, So Good OBG: In general, how well thus far has Turkey met the tenets and expectations of the 2001 economic programme? CHHIBBER:…
With most analysts predicting that the IMF delegation currently in Ankara going through Turkey's books will likely leave this week pretty satisfied, these are good times for the country's government. News that wholesale inflation had finally dipped below two digits, while exports have continued to rise, has also put market watchers and movers in a strongly positive mood. "It's looking very healthy,"…
Amidst this year's positive news on inflation, economic growth, exports and industrial output, certain Turkish officials could perhaps be forgiven a little for allowing themselves a little slack earlier this year when they wondered out loud if the country really needed a new IMF programme. Yet talk of the Fund's imminent departure from Turkish affairs - after several decades of involvement - now…
Sureyya Serdengecti will be remembered for the tight fiscal approach that brought the Turkish economy to its present position of strength. However, even before his five-year term as Turkish Central Bank governor came to an end in mid-March and economists lined up to applaud his achievements, attention had turned to the man expected to slip into his shoes, the bank's deputy governor, Erdem Basci.…
