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Research guide: The 2010 guide to Turkey

Turkey emerges stronger from global crisis <p> Fiscal rule puts budget deficit on autopilot <p> Turkish banking sets an example <p> Unrivalled investment house <p> New sources of investment

Turkey emerges stronger from global crisis
When has an emerging market ‘emerged’? The spectacular

growth rate achieved by Turkey’s producers, lenders and

consumers as the eurozone grapples with a sovereign debt

crisis shows, according to IS Investment, that Turkey is now

an ‘emerged market’


Fiscal rule puts budget deficit on autopilot
The Turkish government has introduced a fiscal rule that

will set the budget deficit at a maximum of 1% of GDP. The

policy aims to support the economy, providing an autopilot

irrespective of governments


Turkish banking sets an example
Turkey’s banks needed no assistance from government

during the financial crisis and last year posted an average

increase in profits of 50%. Key indicators of the health

of the financial system remain strong. Perhaps European

banks should look more like their Turkish counterparts


Unrivalled investment house
IS Investment remains unchallenged as Turkey’s top investment

house. This year, for the first time, the ‘Best Investment

Bank’ award by Euromoney was given to IS Investment. Last

year it posted a net profit rise of 53%. As the M&A and

IPO markets recover, the outlook is brighter than ever



New sources of investment
IS Investment continues to arrange M&A deals, an area

where Koc observes an interesting trend. “FDI in this

area was essentially coming from the United States and

Europe after 2000,” he says. “Then the source of the

inflows shifted to the Middle East and Russia. Now, we see

demand from other emerging markets, such as India, Brazil

and Egypt.”




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