Getting more out of Turkey

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01 December 2007

The Turkish economy remains on course having successfully weathered a recent bout of financial uncertainty, and domestic banks are confident of the scope for growing their trade finance business and bringing more complex techniques to the market. Oliver O'Connell looks at the avenues open to trade financiers in Turkey.

Despite recent blips in the political and economic situation, Turkey remains steady, and primed for increased levels of trade and associated trade finance. The convergence of domestic political issues and global economic instability did have market observers questioning the resilience of the country's recovery from the financial crisis of the beginning of the decade, but the fundamentals remain strong.

Turkey is on a steady course towards EU standards and acceptability – despite its aim of joining the club being snubbed by governments in France and Germany – in addition, living standards are rising and there is a highly bankable population and a growing import market feeding manufacturing and the export of consumer goods.

With export of consumer merchandise goods continuing to be a mainstay of the economy, GDP growth for 2007, while down from 4.9% in 2006, is forecast to remain robust at 4.7% and is predicted by some to climb comfortably...

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