Turkey zeroes in on the New Year
LAST MONTH'S RECOMMENDATION from the European Commission that Turkey is ready to begin formal negotiations to join the European Union, pending a final December endorsement, has boosted Turkish markets and triggered new signs of foreign direct investment.
The EC's final "progress report", published on October 6, has sparked a spirit of optimism at times bordering on euphoria, despite profound concerns about the long list of reforms that Turkey still has to make. It is a mood that has not been seen in at least a decade as the country continues with policies that have cut inflation and convinced many observers that this time economic stability is not a mirage.
"With the supportive news from the European Union, Turkey's prospects are the best since at least 1994 and, I would argue, the best in 30 years," says Faruk Turkoglu, a macro-economist who has written...
