| "Turkey's Shift to a More Open Economy - by Stanley Reed Turkey cannot escape the ravages of the global recession. But this time it may avoid the pains that often afflict this promising country in a downturn. For the Turks, a recession usually goes like this: A wild boom triggers high inflation, the currency collapses, and the poorly managed banking sector, hooked on speculative trading and foreign debt, has a near-death experience. Turkey has a well-educated workforce, proximity to Europe, and a shrewd management class. But financial fragility, including a meltdown that sparked riots in 2001, has kept it from entering the first rank of emerging market economies. In the current turmoil, to everyone's amazement, things have been different. The economy has been dealt a body blow as exports have stalled. While structural problems still exist, in both the political and regulatory spheres, the financial system has held firm even as U.S. and European banks have hovered on the brink."
More:For the complete report from BusinessWeek click on this link Labels: Economic Meltdown, Turkey
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