This is another article I did for my weekly journal in international business! If you would like to read the full article just go to businessweek.com and type in the title below!! Enjoy!!
Week 2: Turkey’s Shift to a More Open Economy
Source: http://www.businessweek.com
Turkey is working towards steering clear of a recession, as many countries are looking to do now-a-days as well. Turkey has begun their efforts to welcome investment to make a stand in the global economy, which will benefit them in the long run. If they are able to continue the investment and keep up with their efforts of opening up their economy, they are on their way to future success. Since their market is very active, there is much confidence that Turkey will be able to bounce right back in the economic world. Along with Turkey’s dedication to push towards a more open economy, the EU has also pressured Turkey to make changes to have a positive effect on business. They must also begin their process towards investing in the telecommunications industries and the technological industries, which will create great opportunities for other companies such as IBM. It has become a well known fact that getting a country’s foot back on ground takes some time, but there is much confidence in Turkey to make this happen.
“In the 1990’s, Turkey’s economy suffered from a series of coalition governments with weak economic policies, leading to high inflation boom-and-bust cycles that culminated in server banking and economic crisis in 2001.” (TDS.com) One of the many things I kept reading over and over again through independent research was the fact that Turkey was working towards diversification in the economy. Becoming diversified in an economy and even in the markets is such a great way to work towards stability for the future years to come. “Turkey’s economy has over recent decades become more and more diversified.” (i-cias.com) When looking into their industries, they were very basic with their production which would then be exported and imported. Over the past several years, industry has been increasing, which has become a great opportunity in the eyes of Turkey. “The main contributor to the GNP was industry, though, making up more than 30%.” (I-cias.com) Industries are a huge help to an economy especially when they are able to get themselves up and running, and producing sufficient amounts. The production of automotive and the electronics industry have been off to a great start in Turkey, so keep the industries coming! It’s also important to know that Turkey is a country with a great amount of imports and exports. “The main exports include: Europe, Germany, and Great Britain. The main imports are Russia and Germany.” (I-cias.com) As long as Turkey keeps on top of their best interests for the country and works towards their efforts, the economy will be able to stabilize itself. “Turkey aims to adopt the EU’s basic system of national law and regulation by 2014. Its adoption will make a significant contribution to modernizing the economy.” (TDS.com)
I chose this particular story to further explore the troubles that other countries are having within their own economies. Whether a country is facing a recession or has had a natural disaster, in which they faced serious economic loss, everyone’s economies are hurting a bit. We know the United States has been encountering some economic troubles for the past few years now, but we have been continuing our efforts in progressing out of these economic troubles. I find it interesting how countries work together, take advice from others, and follow through with the most appropriate and necessary actions. The economy is filled with many ups and downs, so it keeps the news very interesting, especially for me.
From what I have read in the article and along with my independent research, Turkey is well on its way to a more stable and open economy. There are still bumps in the road, but there is an abundance of confidence in this country for them to bounce back successfully. Turkey has been transitioning into an industrial economy, particularly in automotive and electronics, which is a great establishment to be making, since both these industries are a big deal all around the world. Recessions can take a toll on everyone, but it’s in one’s dedication to bounce back and fight the storm that disturbed the economy.
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