How did the government perform in fiscal terms during 2011, and what steps have been taken to reduce the trade deficit? ŞİMŞEK: On the fiscal front, our core achievements since 2002 have been a significant reduction in debt and the deficit. We lowered the general government deficit from 10.8% of GDP in 2002 to 0.6% in 2011. Similarly...
After outperforming many of its peers in 2010, the İMKB Borsa Istanbul (İMKB), had a challenging year in 2011. While bourses in many emerging markets declined, Turkey was particularly hard hit, mostly due to its weakening currency and the country’s exposure to the eurozone. Capital markets in Turkey remain among the most liquid in the region but are...
The corporate scandals in global markets over recent years and institutional investors’ power to lead companies have made corporate governance principles a substantial and noteworthy investment criteria. This is especially true for developing countries, due to concerns over distinguishing the company’s ownership and management, independent...
THE COMPANY: In 2011 the central bank’s macro-prudential policy measures utilised tools that directly and adversely affected Turkish banks. However, the tightening should lessen in 2012 as we foresee growth concerns surfacing and supportive macro data. Accompanied by improving global risk appetite and...
The top five Turkish lenders in account for nearly 60% of the assets in the banking sector. The state has ownership stakes in three of Turkey’s top 10 banks; and the second-largest bank, Ziraat, is 100% state-owned. While domestic players account for eight of the 10 biggest lenders in the country, four of these are at least partially owned by...
THE COMPANY: Domestic demand for white goods correlates with GDP. In times of economic expansion, white goods demand growth outpaces GDP growth, whereas the decline in sales exceeds the decline in GDP at times of economic contraction. From 2003-10 the average multiplier of domestic white goods demand...
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