- September 1, 2014: Vol. 8, Number 8

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Restoring investor confidence: These are difficult times for Turkey

by Kateryna Arriaga Frias and Peter Barisic

After the economically ordinary 1990s and the bank crash of 2001, the start of the reign of prime minister Erdogan in 2003 brought Turkey into a period of stable growth and low inflation.

The push for growth in the country is exemplified by the construction of new airports: the number of airports in Turkey has almost doubled and in Istanbul a third airport is currently being planned, which should — if realised — be one of the largest in the world.

The growth and potential of Turkey, which has about 75 million inhabitants, seemed almost indefinite, until policy changes brought this ascent to an abrupt halt.

Thunderstorms over the Bosphorus

Over the past 11 years, Turkey has experienced rapid economic development. The economy has grown by an average of 5 percent per year and GDP per capita has also more than doubled. One important politician is responsible for this economic boom: prime minister Recep Tayyip Erdogan. Turks toda

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