Turkey & European Union.. Who Needs the Other More?

European Union .. The most powerful block of economies in the world led by France and Gremany..

Turkey on the other hand with an outstanding rate of growth despite the global crisis and many barriers both political and economical..

For decades, Turkey has been given the message it has to accomplish much more to qualify to be accepted to the 27 nation club.. European Union.

However the situation has started to change drastically and after the last world wide crisis, in specific..

And people(as well as experts) following Turkey’s economic renaissance recently have started asking the question “who needs the other one more — Europe or Turkey?”.

The Turkish economy which had a budget deficit of 16 percent of gross domestic product and inflation of 72 percent 10 years ago only, has gone through an amazing transformation. Today we are talking about a country with a GDP of approximately US$ 10,000 and an inflation of single figures.

To accomplish this the ruling AKP has worked hard in a strict discipline imposed and monitored by Erdoğan the leader surely. He has who has combined social conservatism with fiscally cautious economic policies to make his Justice and Development Party, or A.K.P., the most dominant political movement in Turkey since the early days of the republic.

In spite of the strong criticism forwarded by opposition regarding many aspects,  Turkey is now considered to be much closer to fulfilling the criteria for adopting the Euro -– if it is ever accepted into Union, that is – as compared to many of the problematic economies already in the Union, such as Greece.

And last but not least, it may be considered saddening to hear that the majority of the Turks have lost their appetite and motivation to be part of the Union.. It should be kept in mind that Turks are known to be real sentimental and touchy..

26 June 2011

Editor
BUSINESS TURKEY TODAY