9/25/2012

Turkey’s economic outlook brighter than BRICs

Sabah - Turkey’s impressive economic performance during the global financial crisis continues to garner attention in global financial circles. An article published on The Daily Telegraph states that not all the emerging markets are the same and that Turkey, amongst others, has a brighter economic outlook than the larger emerging nations, such as the BRIC (Brazil, Russia, India and China).

The term BRIC was first used by Goldman Sachs economist Jim O’Neill to point to the world’s leading emerging markets in 2001. O’Neill later coined the term “N-11” for next 11 economies, including Turkey that would drive the global economy.

The British daily cites, resorting to the opinion of global equity fund Threadneedle’s Global Emerging Manager Irina Miklavchich, Turkey’s declining government debt, down to 39 percent from 79 percent, and the International Monetary Fund’s expectations of an upgrade of Turkish sovereign bonds to investment grade within six months.

Another assessment praising Turkey’s growth came from the World Bank as the Country Director Martin Raiser described Turkey’s slightly slowing growth rates observed in the first two quarters of 2012 as “in line with the forecasts”, stating that there is nothing to worry about the country’s budget.
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