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Category archives for: Turkish Economy News

Syria expands offensive near Turkey border

Syrian tanks stormed two northwestern towns near the border with Turkey on Wednesday, expanding a military offensive to crush protests, local residents said a day after Ankara pressed Syrian President Bashar al-Assad to end killings of civilians. The Syrian Observatory for Human Rights said at least one woman was killed and 13 people injured when […]

Turkey says to welcome Korea’s proposals on nuclear power plant

Turkish economy minister has said his country would welcome proposals from South Korea in a project to build a nuclear power plant. “My ministry and the Turkish government are open to every proposal by South Korean companies over the issue of nuclear power plant,” Zafer Caglayan told reporters during a meeting with South Korean Knowledge […]

Global Economic Downturn: A Crisis of Political Economy

By George Friedman Classical political economists like Adam Smith or David Ricardo never used the term “economy” by itself. They always used the term “political economy.” For classical economists, it was impossible to understand politics without economics or economics without politics. The two fields are certainly different but they are also intimately linked. The use […]

Turkey to raise arms expenses to historic high

By Umit Enginsoy Turkey will spend close to $5 billion for defense procurement this year, the highest in the country’s history, a senior procurement official said on the weekend. “Some major spending items have just started or are starting now, including those for the purchase of [around 100] Joint Strike Fighter jet aircraft [JFSs], submarines […]

Turkish govt pledges “permanent solution” over current account deficit

Turkish government has expressed resolve that it would make necessary structural reforms to find “a permanent solution” to the problem of current account deficit. In a statement released Tuesday after a three and a half hour meeting headed by Prime Minister Recep Tayyip Erdogan and participated by a number cabinet members, the government said the […]

Erdogan: Turkey is “strong” against any Europe financial crisis

Turkish Prime Minister Recep Tayyip Erdogan said Wednesday that Turkey was fully prepared against a financial crisis in Europe. Speaking to reporters prior to his departure from Ankara’s Esenboga International Airport for Azerbaijan, Erdogan said that “there could be a crisis in the West. However, we are prepared against an economic crisis”. “In the past, […]

Turkish armored vehicle exports soar

Turkish exports of armored vehicles are expanding, including purchases by the United States for the first time. A senior Turkish military procurement official involved with supporting Turkish arms exports, speaking on condition of anonymity, told Hurriyet that Turkish armored vehicle manufacturers are expanding beyond their traditional Middle Eastern markets. “We are happy to see these […]

Turkish budget enjoys historic first half surplus

Turkey had a budget surplus of 2.9 billion Turkish Liras in the first half of this year, the largest nominal first-half surplus in the last 41 years, Finance Minister Mehmet Şimşek announced Friday. The government’s performance was a “historic success,” Şimşek said at a press conference called to report on the budget performance in the […]

The economy and Erdogan’s 50 percent

by Murat Yetkin Prime Minister Recep Tayyip Erdoğan was proud yesterday to underline that Turkey was the fastest growing economy of the world (with an 11 percent growth rate) in the first quarter of 2011. This is especially important as Prime Minister George Papandreou of Turkey’s Aegean neighbor, Greece, was struggling in Parliament to pass […]

Turkey posts 11% growth in Q1, claims top spot worldwide

With private investments and domestic consumption leading the charge, Turkey claimed the top spot in economic growth worldwide for the first quarter of 2011 with a blistering 11 percent, according to the Turkish Statistics Institute, or TurkStat. At this rate Turkey will surpass $742 billion, its pre-crisis 2008 level of gross domestic product, by the […]

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