Society, Politics, and Economy in Modern Turkey: Sociology of Turkey - Maintained by Tugrul Keskin
We are at a point in our work when we can no longer ignore empires and the imperial context in our studies. (p. 5)
― Edward W. Said, Culture and Imperialism

Wednesday, May 21, 2014

Why The Worst Is Still Ahead For Turkey's Bubble Economy

By Jesse Colombo

FORBES - MAY 21, 2014

The explosive rise of Turkey’s economy in the past decade is one of the most fascinating growth stories of all time. Since 2002, Turkey’s economy nearly quadrupled in size on the back of an epic boom in consumption and construction that led to the building of countless malls, skyscrapers, and ambitious infrastructure projects. Like many emerging economies in the past decade, Turkey’s economy continued to grow virtually unabated through the Global Financial Crisis, while most Western economies stagnated.  Unfortunately, like most emerging market nations, Turkey’s economic boom has devolved into a dangerous bubble that is similar to the bubbles that caused the downfall of Western economies just six years ago. Though Turkey has received significant attention after its currency and financial markets fell sharply in the past year, there is still very little awareness of the country’s economic bubble itself and its frightening implications.


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