Turkey has now received support from the World Bank in order to fulfill its target for the year 2023 of becoming one of the world's top ten economies with exports reaching 500 billion dollars and the national income toppling two trillion dollars. The bank has established a new nation strategy in order to support Turkey's objectives for the year 2023. With the four-year Country Partnership Strategy (CPS) approved by the Executive Directors Board, 4.45 billion dollars in financial support will be provided for government programs. In addition, the International Finance Corporation (IFC), also a member of the World Bank Group, will be offering two billion dollars in support to Turkey's private sector, bringing the total financial support allotted for Turkey up to 6.5 billion dollars.
"WE SUPPORT YOU"
An announcement by the World Bank on the 2012-2015 term strategy, states, "This will be a business plan in support of Turkey's own development and reform agenda outlined in the Government's 9th Development Plan and the 2012-2014 Medium Term Program. The goal of the strategy is to support Turkey in its ambition to become one of the ten largest economies in the world by 2023 through fast, sustained and inclusive growth that respects the environment."
YOU HAVE THE OPPORTUNITY TO INCREASE COUNTRY'S ROLE IN THE GLOBAL ECONOMY
"Turkey has the opportunity to build on a decade of success to bring high standards of living to all of its population and further increase the country's role in the global economy," World Bank Country Director for Turkey Martin Raiser said. As Turkey has entered high income status, our partnership needs to constantly evolve to ensure Turkey gets the best out of the combination of competitive financing, cutting edge knowledge and global experience that the World Bank Group has to offer."
THREE CORE OBJECTIVES
The partnership strategy is organized around three core objectives being, enhanced competitiveness and employment opportunities, improved equity and public services and deepened sustainable development. These will include support for education, energy, health and public services.
URBAN RENEWAL TO BE A FOCUS
The World Bank announcement pointed out that Turkey's successful economic and social reforms have drawn international attention, and stated that during this CPS term, the health sector and preventing and reducing the risk of natural disasters will be a priority focus.
English investors have not paid heed to the coverage in the international media painting a negative portrait of Turkey during the Gezi Park protests and continue to keep the country on its radar for investments.
Turkey has become the fastest growing nation for luxurious automobile brands. While luxurious brands experienced seven percent growth globally in the first five months of the year, in Turkey the rate of growth has reached the 100 percentile level.
While the English press continues to cover the Gezi Park protests to Turkey’s detriment, the British Prime Minister has praised Turkey’s ‘stability.’ David Cameron says “we admire your economy.”
With the Central Bank’s deferred interest rate cut resulting in revitalizing domestic demand, Turkey’s economy experienced three percent growth in the first quarter of the year, sealing 14 quarters of continuous growth.
The Capital Markets Board has initiated an investigation into exits from the stock exchange by speculators, in a move which followed Erdoğan’s acknowledgement of attempts by the interest rate lobby to instigate a drop in the stock exchange. Should the Capitals Market Board establish a connection between financial exists and speculators sanctions may be enforced.
Çalık Holding has released a statement refuting claims made in reports by CNBC attempting to associate the group with redevelopment plans for Taksim’s Gezi Park.
Saudi Arabian businessman Ehsaan Fareed Abduljawad has purchased two towers in the Ağaoğlu Maslak 1453 project for 200 million dollars. “We trust in Turkey’s economy,” said the billionaire.
The speculative attack on the markets came to a halt following Prime Minister Erdoğan’s statement directed at the interest-rates lobby, “We will not let you consume the great efforts of our nation.” The dollar has since dropped and the stock exchange is back on a rising trend.
During the past five days there has been a polemic concerning the boycott of the Moroccan Business Confederation (CGEM) of a meeting between Turkish and Moroccan businessmen which took place during Erdoğan’s trip to Morocco on June 3rd. While the decision had nothing to do with the on-going protests in Istanbul and other cities, the real reason is proving to be an internal conflict between the CGEM and the Moroccan government.
The ‘economic’ demands set forth by the Taksim Platform, which spoke on behalf of the Gezi Park protesters in a meeting with Deputy Prime Minister Arınç on Wednesday, have resulted in a number of question marks. The main question being, why are they opposed to projects worth 120 billion such as the third bridge and airport, hydroelectric power plants and Canal Istanbul?
Tosyalı Holding opened a 750 million dollar steel-iron factory in Algeria in a ceremony attended by Prime Minister Recep Tayyip Erdoğan. Expected to rake in an annual one billion dollar revenue, the facility will also provide one thousand jobs.
The Occupy Wall Street movement did not pose a significant financial burden in the United States, whereas the financial burden brought on in Turkey from the Gezi Park protests is exponential.
It will now be required to place health warnings on the glass portions of water pipes, regularly referred to as ‘nargile’ in Turkey.
The government will be implementing a number of incentives to promote women giving birth. New legislation to include maternity leave increased to six months and graduated retirement based on number of children. In addition, the state will be subsidizing maternity leaves for female employees.