Turkey's fast growing economy offers great opportunities for valves

摘要

Turkey's economy is expanding rapidly. It is broadly based and offers great scope for valves and related products, whether in oil & gas development, refineries, pipelines, power generation, petrochemicals, chemicals, food & drink, water management or shipping. Much has been achieved in the past fifteen years, though much remains to be done - especially in terms of boosting exports - if the country is to achieve its full potential. Turkey is a country with enormous potential. Centrally placed on the Eurasian continent, the country has a young, well trained workforce and a dynamic, fast-growing and diversified economy. However, the recent history of the country has been volatile, and it faces major economic and political challenges. After years of spectacular growth, the economy has wobbled: 10% unemployment, inflation running at 10% and debt amounting to 50% of GDP (1) Politically, the news is mixed: the AKP confirmed its grip on power in the recent general election, which commentators indicate has both positive and negative implications: good in the sense that the economy has flourished but there are concerns about repression and the intensifying conflict with the Kurdish separatists. There is also mounting anxiety due to terrorist attacks, with many fearing that the chaos of Iraq and Syria may spill over into Turkey. On the positive side, Turkey has bounced back from previous crises, and its tradition of laicism may yet protect it from the chaos of its neighbours. Also, assuming a modicum of political stability, its economy is expected to grow in the long term. The IMF predicts that by 2041 Turkey will be the world's 12th largest economy (it is now in 16th place) (2).