Turkey’s economic growth is now the fastest in Europe – a trend likely to continue, according to the OECD’s rosy projections for the long-term economic future.
The housing boom in the US and Western Europe was largely the result of Paul Volcker and Margaret Thatcher´s tight money policies, which greatly reduced interest rates, and ultimately making borrowing affordable for the ordinary buyer.
“The housing boom didn’t occur by accident,” says the editor of the Global Property Guide. “ It happened because of a specific set of conditions – a dramatic long-term drop in interest rates, and institutional reforms which expanded the mortgage markets.”
“Those conditions are repeating themselves in Turkey today.”Since 2002 Turkey’s Justice and Development Party has achieved a remarkable economic transformation.
Inflation, which for decades has adversely affected Turkey´s economy, was taken under control, falling from 34.9% to 5.7%, the lowest in 39 years.The banking system is the soundest in Europe. Economic growth has tripled per capita income
|
Article Details