Word: turkeys
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Suzan Sabanci Dinçer is all too familiar with banking crises and their devastating effects. A scion of one of Turkey's most famous business dynasties, she is chairwoman of Akbank, the country's biggest privately owned bank. Back in 2001, she lived through a meltdown of the Turkish banking system and a terrifying 9.5% one-year drop in gross domestic product. Akbank posted a big loss that year, but at least it escaped a worse fate: almost half of the nation's 80-plus banks disappeared...
...That's the good news. The bad news for Turkey - and for 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...
While these times are scary and strange for many Americans, a number of people in other countries feel a sense of deja vu. Asia went through a similar crisis in the late 1990s, and various other countries (including Argentina, Turkey, Mexico, Norway, Sweden, Indonesia and South Korea) have suffered through banking crises, stock-market collapses and credit crunches...
...than 3,000 companies from developing countries and have identified 100 companies from 14 countries with the near term potential to become global leaders. China is home to the greatest number of global challengers, with 41; followed by India, with 20; Brazil, with 13; and then Mexico, Russia and Turkey. Together, these 14 countries accounted for 17.3% of the world's total economic output, or gross domestic product...
...Russia and Eastern Europe, Gazprom, based in Moscow, is the world's largest natural-gas company, providing 25% of Europe's natural gas. Another major player in Europe is Turkey's Vestel Electronics, the largest supplier of televisions on the continent...