Turkey_Analysis

ASSIGNMENT NO: 1 BATCH:2010 – 2012 SECTION:E GROUP:7 COUNTRY:TURKEY Industry: Construction Sector Group Members: SERIAL NO. | NAME | ROLL | 1 | SANKHA DIP DATTA | 2010207 | 2 | SAYANTANI SAHA | 2010211 | 3 | SUMIR JOSAN | 2010234 | 4 | SUMITA DAS | 2010267 | 5 | DEVYANI JINTURKAR | 2010282 | No. of Words: . INTRODUCTION The economy of Turkey is largely developed. The country is among the world's leading producers of agricultural products; textiles; motor vehicles, ships and other transportation equipment; construction materials; consumer electronics and home appliances. In recent years, Turkey had a rapidly growing private sector, yet the state still plays a major role in industry, banking, transport, and communications. STRUCTURE Turkey's dynamic economy is a complex mix of modern industry and commerce along with a traditional agriculture sector that still accounts for about 30% of employment. It has a strong and rapidly growing private sector, yet the state remains a major participant in basic industry, banking, transport, and communication. The largest industrial sector is textiles and clothing, which accounts for one-third of industrial employment; it faces stiff competition in international markets with the end of the global quota system. However, other sectors, notably the automotive and electronics industries, are rising in importance within Turkey's export mix. BROAD FACTS AND FINDINGS UNEMPLOYMENT FACTORS Turkey's unemployment rate at the end of recession-battered 2009 was a record 14.028 %, according to the national statistics agency reports. Apparently the age groups that accounts for the largest proportion of the workforce also represent the largest percentage of unemployed, i.e. those aged from 20 to 34 years represent over 60% of the unemployed in Turkey. Unemployment is more acute among recent university graduates than among members of other age segments and the less educated. This is due to a combination of factors, including many of them lacking the "soft skills" necessary in the modern job market. This is because there may not be enough professional jobs or their education has not prepared them with the skills they need to do well in today's job market. However, university graduates usually come from families that have enough money to support them until they find work. INFLATION The inflation rate in Turkey accounted for 6.4 percent in December of 2010. From the year 1965 until 2010, the average inflation rate in Turkey reported to 39.78 percent reaching an historical high of 138.71 percent in May of 1980 and a record low of -4.01 percent in June of 1968. GROWTH Turkey is a rapidly developing country and the largest national economy in Central and Eastern Europe. The Gross Domestic Product (GDP) in Turkey expanded 1.10 percent in the third quarter of 2010 over the previous quarter. From 1998 until 2010, Turkey's average quarterly GDP Growth was 0.89 percent reaching an historical high of 6.69 percent in June of 2009 and a record low of -7.57 percent in March of 2009 Turkey's dynamic economy is a complex mix of modern industry and commerce along with a traditional agriculture sector that still accounts for about 30% of employment. It has a strong and rapidly growing private sector, yet the state remains a major participant in basic industry, banking, transport, and communication. CONCLUSION Turkey’s business growth has been hampered by administrative inefficiency, corruption, judiciary delays and labour market restrictions. On the other hand, the banking sector is a lot stronger in 2009-10 than in 2000-2001. Banking reforms under the World Bank and IMF have resulted in better regulation and supervision of the sector. The sharp depreciation of 25% of the TRY against the major countries had a significant impact on the company’s economic structure and fiscal policies. Importing firms suffered from higher import prices and insolvency risk also increased subsequently. REFERENCES http://www.mynewsdesk.com/uk/view/pressrelease/research-and-markets-turkey-petrochemicals-report-q4-2010-private-consumption-will-spur-real-gdp-growth-of-6-3-in-2010-up-from-4-7-forecast-in-475315 http://www.economywatch.com/world_economy/turkey/structure-of-economy.html http://countrystudies.us/turkey/53.htm http://www.indexmundi.com/turkey/economy_profile.html http://www.theodora.com/wfbcurrent/turkey/turkey_economy.html http://en.wikipedia.org/wiki/Economy_of_Turkey