Word: turkeys
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...This sudden vulnerability of emerging markets will be a key issue at the World Economic Forum on Europe and Central Asia, which begins on Oct. 30 in Istanbul. While Turkey has reason to blame its worsening economic outlook on the rest of the world, some of its woes are self-inflicted. The government of Recep Tayyip Erdogan and his Justice and Development Party (AKP) set about transforming the economy after its election in 2002. Spurred on by the International Monetary Fund (IMF), which provided financial support during the 2001 crisis, the government pushed through strict budgets, monetary discipline...
...This lost opportunity stems from the government's battle with its political opponents in the army and the judiciary, who have been enraged by Erdogan's attacks on Turkey's secular traditions - including his attempt to lift a ban on women wearing head scarves at university. Erdogan easily returned to power in a snap election he called in July 2007 in response to a possible coup threat by the army. This July, the AKP won a court case brought by the nation's chief prosecutor, who sought to outlaw the party on the grounds that it was antisecular. But these...
...remaining state-owned banks, Halkbank, was supposed to be next on the block, but the government dithered over how to sell it, and now, because of the worldwide financial turmoil, it can't - at least, not for a good price. A September tender for a new nuclear power plant - Turkey's first - was ill-prepared, and turned into a fiasco when all the bidders except for one Russian-led consortium dropped out. A three-year agreement with the IMF under which it would provide Turkey loans of as much as $10 billion, if needed, expired in May and hasn...
...Sabanci Dinçer has little patience for such squabbling. Turkey has some critical tasks ahead, she says, including attracting international investment into new manufacturing projects, in order to provide jobs for its young population. The median age of Turkey's 71 million population is under 30, and millions of youngsters will be needing jobs in the future. She's more supportive of the government than many of her peers, but says the political fighting "made us lose time. It scared away some foreign investment. It's bad for the business climate, and I'm sure it affected consumers. Hopefully...
...Hitting Speed Bumps For all its worries, there's still a tremendous vibrancy in Turkey. You can see it in Istanbul, a city of 15 million, with its growing roster of expensive hotels, new upscale shopping malls - and perpetual traffic jams. But you can also find it in other parts of Turkey, in places like the Mediterranean port of Iskenderun...