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Wednesday 20.09.2017 | Name days: Marianna, Ginters, Guntra
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Economist: Turkey is an attractive market for Latvian businessmen

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Аuthor: Edijs Pālens/LETA“Turkey’s economy is growing, and so is an attractive market not just for Latvian businessmen. Nevertheless, there are risks related to this country’s economic growth. Turkey’s economic growth largely depends on external risks,” – as BNN was told by SEB bank economist Dainis Gaspuitis.

According to him, these risks are minor at the moment. Nevertheless, if there are any problems with acquiring financial support from the outside, Turkey could suffer a serious economic drop. The possibility of this scenario could disappear in time. However, as long as there are risks, such a possibility will remain.

Latest data suggests that Turkey’s economy could increase its economic growth rates in the beginning of 2013. Future economic evaluation, however, will remain cautious. In 2012, Turkey’s growth rates rapidly dropped to 2.2%, which was its slowest growth rate since 2009.

“There has been a notable crediting increase in the last several weeks. This could mean an increase of domestic consumption. This does have a price, however. Growing domestic consumption cases a knock-back in import. This contributed to the halt of the current account’s deficit reduction, which proceeded smoothly during the previous year,” – Gaspuitis explains.

The foreign trade balance rapidly improved last year. This was mostly because of the rise in gold export. This increase formed nearly 40% of the total balance improvement. Sales of gold are growing rapidly to finance Iran’s procurement of energy resources. At the same time, Turkey continues to use the current account deficit in a short-term perspective, as well as other potentially effective sources of funding, the economist notes.

“The burden of the external debt in the banking sector grows as a result of this. This could mean that Turkey is gradually increasing external risks. Such processes leave the economy unprotected in the face of economic difficulties in the external environment. Currently, the flow of direct investments has dropped to 10% of the total volume. As a comparison – in 2008 and 2009, this flow formed nearly half of all incoming investments,” – the bank’s expert says.

As it is known, the President of Turkey Abdullah Gül arrived in Latvia on April 2.

Latvian Foreign Minister Edgars Rinkevics hosted a special welcome on Tuesday. During their meeting, the two sides discussed important issues related to Latvian-Turkish relations and the current events within the EU.

Rinkevics also called Turkey to support Latvia’s membership in the OECD, saying that Latvia will support Turkey in its joining of the EU.

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