Your assignment is to prepare and submit a paper on seminar in global business- greece and turkey. For many decades ago, the Turkeys economy has been glowing bright and its growth was phenomenal. Though there was a crisis in the recent past, current Turkey has the top GDP ranking among its neighbors even ahead of the rich oil exporters, Saudi Arabia. Taking into a comparison of the Turkeys GDP with the rest of Europe it ranks eighth position (Parlar, 2014). The country has managed to do without an oil export and it relies on imports of gas and oil for its 97% energy needs. The country has invested heavily in middle-class entrepreneurs and reduced the state’s involvement in basic industry, communication, transportation, and banking significantly. The export market diversified to electronics, automobile, mechanical pieces of equipment and construction industries (Vaughan Whitehead, 2012).
This diversification occurred after lifting the restriction of traditional clothing and textile exportation. The global recession that occurred in the opening years of millennium hit greatly Turkey’s economy that led to the 2001 financial crisis (STOREY, 2012). The setback turned to be a re-grouping(Jimmakos). After financial and fiscal reforms with the help of IMF, Turkey came out of the crisis with greater force that propelled them to the top of charts with annual growth of 6% from 2002 to 2008. Turkey again succumbed to 2008/2009 global crises but emerged strongly with unmatched robustness, which clocked 9.2% GDP growth in 2010 (Ciro, 2013). The nation used to depend greatly on foreign investments, but have reduced significantly as the west and east sides have been faced with liquidity shortfalls. In 2012, the GDP of Turkey fell to 3%, in combating that the central bank raised the interest rates on the seventy-five basis (Parlar, 2014). The major concern with the high-interest rates is that they will lead to the slow growth rate of the economy.
In Greece, there has also been an ongoing debt crisis that has resulted from the Great Recession.
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