Turkey: The winding path to growth

November 2010. Turkey is one of the fastest growing emerging market economies, having recovered strongly from the global downturn thanks to a rebound in consumer demand and investment. The Turkish stock market is also attractively valued and is benefiting from strong earnings momentum, while a backdrop of political and economic reform is leading to secular long-term investment opportunities.   However, Turkey’s prospects must be considered in relation to its slow progress towards entry into the European Union (EU). The recent approval of the constitutional referendum is a step in the right direction and could herald the start of a period of political stability, which would be favourable for markets and would also help boost social and economic reforms.   In this paper, we look at reasons why Turkey merits a closer look from investors.

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