Word: booming
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...emerged from it much better capitalized - and more heavily regulated - than their peers in the U.S. or Europe. Today, thanks to surging investment and exports, the Turkish economy is double the size it was in 2001, and the nation's financiers have been among the biggest beneficiaries of the boom. As Sabanci Dinçer says, with more than a touch of pride: "The banking system here is very healthy...
...other emerging markets that were once the darlings of international investors - is that however much they run, they can't hide. It's still too early to predict the full consequences of the financial upheaval in the U.S. and Europe, but it's already clear that the boom years are over. Turkey's banks haven't tottered, but its economy is now starting to. After six years in which growth averaged almost 7% annually, most forecasters expect the economy to expand by less than 4% this year and next. Foreign direct investment poured into Turkey this decade as companies ranging...
...Boom When outside experts look at Turkey's vulnerabilities, they see other weaknesses apart from its dependence on exports to Europe. One of the drivers of growth this decade has been foreign direct investment, but that has dropped by about 40% so far this year. Sabanci Dinçer is right to praise the robustness of the banking sector, but there are some vulnerabilities here, too: several of Turkey's banks have been acquired by foreign companies, including two European banks that have run into financial trouble elsewhere, Fortis and Dexia. Turkey also has a current account deficit that amounts...
...says French economist Bernard Maris, who also thinks markets were comforted by the decision to hold the conference in the U.S. - with an eye to historical continuity with the 1944 conference in Bretton Woods, NH, that established the International Monetary Fund. But Maris also notes those same markets - whose boom years relied largely on minimalist regulation - should logically be freaking out at Sarkozy's calls to "moralize" finance and limit pay to the world's biggest earners. So why the calm...
...Click here for photos of the Gulf boom...