Turkey, One of Thirty Countries in Full-Blown Recession
The Hurriyet Daily News reported that all thirty countries belonging to the Organization for Economic Cooperation and Development are now in a full-blown recession. Turkey’s exporters are growing increasingly panicked, because their main client, Germany, has fallen on hard economic times. Asa result, Turkish imports could fall by 20%. There is speculation that the economy might pick back up in the latter part of 2009, however with the global economy in its current state, there is no reason to be sure.
Turkey is one of the many countries being hit by the global recession. The crisis has no borders and has left no corner of the globe untouched. Many other countries in the Middle East may follow suit in an economic downward spiral.
Olorunbunmi Hambolu
March 23rd, 2009 at 10:06 pm
Good article. Thanks.