{"id":49725,"date":"2012-01-13T04:57:10","date_gmt":"2012-01-13T02:57:10","guid":{"rendered":"http:\/\/www.turkishnews.com\/en\/content\/?p=49725"},"modified":"2016-12-28T16:05:15","modified_gmt":"2016-12-28T13:05:15","slug":"turkey-boom-dampened-by-europes-troubles","status":"publish","type":"post","link":"https:\/\/www.turkishnews.com\/en\/content\/2012\/01\/13\/turkey-boom-dampened-by-europes-troubles\/","title":{"rendered":"Turkey boom dampened by Europe’s troubles"},"content":{"rendered":"
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From Richard Quest,<\/strong> CNN<\/div>\n
January 12, 2012 — Updated 1846 GMT (0246 HKT)<\/div>\n<\/div>\n

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(CNN) — Turkey’s capital Istanbul, the city where east meets west, is seen as a potentially pivotal center for relations between Europe and Asia.<\/p>\n

Now Turkey, once home of the Ottoman Empire — one of the most powerful empires in the world before its demise in the 1920s — is on the rise again, with its economy proving to be one of the strongest in the European region.<\/p>\n

“Turkey has outperformed Europe in the last two years, consecutively growing around 9%,” Guler Sabanci, Sabanci Group chair, told CNN.<\/p>\n

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Turkey, unlike many economies on the continent, has been in the midst of an economic boom. But the debt woes of those nearby inevitably impacts Turkey’s health.<\/p>\n

Nearly half of Turkey’s exports head to the eurozone, while around 75% of the country’s foreign investment injected by Europe. Further 75% of the country’s tourism comes from Europe.<\/p>\n

Sabanci, who helms one of Turkey’s largest companies, warns Europe’s slowdown is “an important issue” for the country, and will create headwinds in the months ahead.<\/p>\n

But Sabanci expects Turkey to continue its pitch for European Union membership, noting the country is already “economically integrated” with the region.<\/p>\n

Short-term gain or long-term pain? UK says no to treaty<\/p>\n

She points to the UK’s relationship with the European Union as one Turkey could emulate. “Is the UK a full member or not? Yes it is but is has a different model,” she said. “I used to say that Turkey’s accession to Europe is not a revolution, it’s just an evolution,” she added.<\/p>\n

via Turkey boom dampened by Europe’s troubles – CNN.com.<\/p>\n

\"\"<\/p>\n","protected":false},"excerpt":{"rendered":"

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