Turkey Shipping Report Q2 2014 - New Market Research Report
We have been below consensus on Turkey's medium-term real GDP growth outlook since mid-2013, based on our view that the country's growth model, driven by a huge reliance on foreign borrowing to fund a rapid expansion of domestic credit, would no longer be viable in light of tightening global liquidity conditions. While signs of easing domestic demand were beginning to emerge by end-2013, destabilising political developments have exacerbated a downturn in investor sentiment, consumer and business confidence. Following an estimated...
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