Turkey

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Worries over the viability of the shaky three-party coalition have sent Turkish markets roiling further, as political infighting over a series of European Union-mandated reforms continues to raise the spectre of early elections.
The six-member Gulf Co-operation Council (GCC) can expect slower economic growth in 2002 as oil production is reigned in, the United Nations reported last week.
The ailing Turkish Prime Minister Bulent Ecevit missed a crucial meeting of political party leaders on June 7th, deepening worries over the country's political and economic stability.
Turkey has inched closer to fulfilling reforms required by the European Union before membership talks with the bloc can begin, with the country’s top advisory council recommending an end to emergency rule in the southeast of the country.
As Turkey pursues a strict regiment of fiscal belt-tightening and structural reforms, Foreign Direct Investment (FDI) languishes in the malaise of existing political and economic uncertainty and bureaucratic strictures.
Turkey has had a roller-coaster couple of weeks, with strong industrial output data on May 8th raising hopes that reform targets can be met, only to be followed by uncertainties over Prime Minister Bulent Ecevit's health problems, which pushed markets down.

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