Economy

The Turkish economy rebounded from the global crisis to become an island of economic stability between Europe and the MENA region. The 15th-largest economy globally and the 6th-largest in Europe has experienced an unprecedented transformation in the past decade, as per capita GDP has risen more than three times. While the economy is plagued by a structural current account deficit, due to dependence on foreign energy resources, the nation’s consumer population drove significant GDP growth of 11.9% in 2011, and each of the sectors dependent on consumer spending have seen significant returns. With increased interest in Turkey from the Gulf states and new partners in Africa and Southeast Asia, exporters are finding new alternatives to crisis-plagued Europe, ensuring the growth of foreign trade. The Economy chapter contains interviews with Ali Babacan, the Deputy Prime Minister responsible for the economy; Mustafa V. Koç, the Chairman of Koç Group; Hüsnü Özyeğin, the Chairman of FIBA Holding; and Jim O'Neill, the Chairman of Goldman Sachs Asset Management.