The first link in Turkey’s high-speed rail system is set to open in 2014, part of a broader effort by the government to make significant improvements to transport infrastructure in time for the republic’s centenary in 2023.
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Economic update | Turkey’s pipeline balancing act
28 Nov 2013
As Turkey looks to diversify its sources of natural gas, one option that is coming closer to reality is a deal with the Kurdistan Regional Government to build an oil and gas pipeline from northern Iraq. While this link would help consolidate Turkey’s position a regional energy corridor, it risks upsetting relations with Iraq.
Mixed signals are coming out of the Turkish retail sector, with sales volume making strong gains while at the same time consumer and business sentiment cooling. Incoming data point to growing pessimism over the economy. However it will be a while before the heat is taken out of the marketplace in the coming months.
The banking regulator in Turkey has moved to stem a rising tide of consumer borrowing, announcing new limits on credit card debt and additional risk management requirements for lenders.
Long one of the driving forces of Turkey’s economy, the construction industry appears to be slowing down, with questions surrounding project financing and interest rate hikes dampening the sector’s outlook.
The weakening of the lira could herald further problems for the cooling Turkish economy, with growth forecasts being scaled back and an expanding trade deficit taxing government efforts to keep interest rates low and inflation under control.