“Despite the growth, the ratio of exports to GDP has remained almost level at 16-18 per cent for the past 11 years,” he says, pointing out that the average for a BB-rated country is 32 per cent and for a BBB-rated country 42 per cent. By the end of this year Turkey may see a further deterioration in both its foreign trade balance and it scurrent account deficit.
All of which leaves the government of Recep Tayyip Erdogan with some tough decisions.
Originally published by the Gatestone Institute http://www.gatestoneinstitute.org
About the Author: David P. Goldman writes the "Spengler" column for Asia Times Online, and contributes frequently to The Tablet, First Things, and other publications. He was global head of debt research for Bank of America (2002-2005), global head of credit strategy for Credit Suisse (1998-2002), and also held senior positions at Bear Stearns and Cantor Fitzgerald.
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