Word: turkish
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Dates: during 2000-2009
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...Indians, Hungarians and others - thought their buoyant domestic growth could insulate them from a downturn in the U.S. and Western Europe. Now they're discovering that it can't. "A lot of us gave credence to 'decoupling,' " says Ümit Boyner, who together with her husband runs a big Turkish retail empire. "Looking ahead, we're wondering if we've even seen the worst...
...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 and a big privatization campaign. Inflation and interest rates tumbled, and growth took off. The Turkish business community, while privately nervous about what some refer to as the government's "creeping Islamization," nonetheless applauded its free-market reformist zeal. But over the past 18 months, that zeal has faded and the reform process has stalled...
...deal will be struck, although he vowed that "fiscal discipline remains the cornerstone of our economic program." In the meantime, relations between Erdogan and the business community, never overtly cordial at the best of times, have turned nasty. This month, after the head of the leading business lobby, the Turkish Industrialists' and Businessmen's Association (TÜSIAD), criticized the government for not being sufficiently proactive in the current crisis, Erdogan shot back, accusing her and other critics of talking up the bad news in order to profit from it. "These people are pumping darkness into the nation," Erdogan said...
...about 6,000 people produce almost three times as much - and the plant consumes less energy per ton of steel than many of its rivals around Europe. In August, a new hot strip mill started up, the first fruits of a $3 billion investment program aimed at upgrading Turkish steel production...
...biggest changes is to be found in Bursa, a 90-minute boat ride from Istanbul across the Marmara Sea. Just outside the old town is a sprawling Renault plant that dates back almost four decades. During the first years of its operation, the factory produced small cars for the Turkish domestic market - models that were already at the end of their life in Western Europe. But since 2000, Renault has used the Turkish plant as a significant export hub. It makes Renault's Mégane and Clio cars there for the rest of Europe, and has been upgrading...