Economic Outlook of Turkey
The Turkish economy has shown remarkable performance with its steady growth over the last years. A sound macroeconomic strategy in combination with prudent fiscal policies and major structural reforms in effect since 2002, has integrated the Turkish economy into the globalized world, while transforming the country into one of the major recipients of FDI in its region.
While the financial markets in Turkey proved resilient to the crisis, the decrease in external demand and slowing international capital flows have had negative effects on the economy, thus causing a 4.7 percent economic contraction in 2009.
However, the perceived positive developments in the economy showed signs of a fast recovery beginning as early as the last quarter of 2009 with an impressive 6 percent economic growth rate, hence making Turkey one of the fastest recovering economies in the world.
The very recent economic performance of Turkey has paved the way for international organizations to regard Turkey as the fastest growing economy in Europe.