turkish economy to grow 3.5pc as tourism continues to grow impressively
News Posted On: 02 November 2009
02 November 2009 - UK - The Turkish economy will grow 3.5% in 2010 according to the government's latest forecast. The announcement comes just days after it was announced that tourism to Turkey grew strongly in the first nine months of this year, compared to the same period last year.
Thus, the downturn doesn't seem to have made Turkey's target of 33 million visitors per year by 2010 unattainable. However, a new report from tourism experts on the ground does say that a new promotion strategy is necessary if this is to be achieved. According to the new report Turkey's tourism promotion must move away from targeting countries, to become more region, and even more city-specific.
This brings the International Monetary Fund into the bargain though, because many people believe IMF funding will be necessary if Turkey is to be able to spend on such things as improving tourism promotion. Turkey's talks with the IMF have failed to reach a new deal, since the old one expired in May.
At the same time, the fact that Turkish tourism has grown this year, may well strength Prime Minister Erdogan's resolve that IMF funding is not needed. Erdogan will not capitulate to the IMF's demands of tightening fiscal spending unless he thinks it is really necessary, because it may damage his aim of becoming a regional power.
Meanwhile the debate with the IMF continues to affect the Turkish Lira, the longer it drags on the weaker the Lira gets on a long term basis. This is good news for those considering a Turkish property purchase, because the weaker the Lira, the cheaper Turkish property becomes -- the secret being buying when it is weak, because it is very volatile at the moment.
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