Why is Turkey ‘s economy doing so well?

Gross domestic product for the country grew by 5.1 per cent in the second quarter, slightly below expectations but still far exceeding growth rates in developed countries.

The government’s consumer confidence index showed an improvement from 63.4 at the end of 2016 to above 70 for much of the year, though it dipped again in September to below 70.

That is from Javier Espinosa at the FT.

Compared to 2015, the Turkish stock market is up about 20 percent.  I recall being pilloried when I wrote my very first Bloomberg column in July 2016: “Turkey’s economy isn’t likely to be affected much by the military uprising.”

Macro phenomena can be difficult to understand, but at least along this dimension Turkey has yet to see its comeuppance.


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