Cities of Dreams
ISTANBUL—Turkey’s economic growth has made headlines for a decade, and continues to be strong—the economy expanded by 8.5% in 2011.
But the boom has brought worries of overheating, instability and a potential bust. And nowhere are those worries heard more loudly than in the booming real estate sector, which stands as a metaphor for the country’s aggressive growth.
The demand for property in Turkey is massive. On average, 550,000 to 600,000 new residential units have been built per year for the past nine years, says Erste Bank analyst Mehmet Emin Zumrut
Turkey: Tea farming to be privatized?
Turkish tea farming was for decades a government-supported endeavor. Now, the private sector is moving in, as free-market policies instituted by Turkey’s governing Justice and Development Party (AKP) reshape this key industry.
Turkey: What Future For Coal Mining?
Coal mining is among the more hazardous occupations in Turkey, underscored by a mishap earlier this year that claimed eight lives. But economic necessity is keeping the country reliant on coal, and pushing miners to risk their lives.
Turkey: Are Turkish Youngsters Too Smart?
To get a sense of the scope of Turkey’s youth unemployment problem, you don’t have to look much further than downtown Istanbul’s inexpensive cafes, which are invariably jammed with 20-somethings during working hours. The country’s challenge isn’t simply one of creating more jobs to handle the rising tide of young people entering the work force, it’s also a matter of creating quality positions that can meet the heightened expectations of job-seekers.
Turkey: Young Turks Abroad Returning Home to Chase Economic Dreams
For decades, thousands of Turks immigrated to the West, in particular Germany, in search of work. Now Turkey’s economic prosperity has young Turks abroad looking homeward.
Turkey: Can GAP Project Plug an Economic Hole in Kurdish Southeast?
Turkey has long hoped the Southeastern Anatolia Project, known as GAP, could act as an engine for economic development in a majority Kurdish area. The question now is whether the project can get into gear fast enough to save the region from an agricultural crisis.
Turkey: Betting on Wind Power, One Village at a Time
Akbıyık, a village with 365 residents in Turkey’s western Bursa province, has a head start on the country’s plans to increase domestic energy production. The reason is simple — it has a wind turbine and villagers eager to capitalize on a government push toward alternative energies.
Turkey: Medical Tourism Booming, Offering “Sun and Surgery”
Tourists don’t just come to Turkey for the sun and the sights. Hundreds of thousands of foreign patients each year are now traveling to receive treatment in private hospitals in Istanbul and other Turkish cities.
Turkey: Islamic Banking Making Inroads
Amid Turkey’s turn away from strict secularism, Islamic banking practices in the country are gaining currency. But they still face significant obstacles as they strive to enter the financial mainstream.
Doing business in Turkey: no easy ride for foreign entrepreneurs
With 4 per cent growth likely in 2013 and a young, educated population powering the economy forward, Turkey makes an attractive prospect for those seeking new horizons. But entrepreneurs coming from abroad who don’t know how to navigate the market are likely to be frustrated. Two such arrivals tell beyondbrics their stories.
Turkey to restrict sale and advertising of alcohol
Members of Turkey’s Islamist-leaning government, led by Recep Tayyip Erdogan, have approved legislation, which is awaiting presidential approval, which will see the sale of alcohol in shops prohibited from 10pm to 6am.
Although similar restrictions are in place in some European countries, including Britain, the legislation also bans the advertising of alcohol. Broadcasters will even need to blur out bottles and glasses of alcohol consumed by TV characters.
Emerging From the Shadows
Only founded in 1923, Ankara is a relatively young capital. Following a war of independence, Turkey’s founder, Mustafa Kemal Ataturk, decided to change the capital from Istanbul to Ankara – a tiny town in a dusty Anatolian valley – to protect it from attacks from abroad.
For decades, Ankara suffered a reputation for being home only to politicians and bureaucrats, all eager to escape to Istanbul, and was described as boring and dull by most Turks. However, this is no longer true. The city is now seeing the emergence of a vibrant art and culture scene that makes it a must-see for any visitor.