Where is Europe's growth market? Look to Turkey. Soon it will overtake Germany to become the third biggest economy in Europe after Britain and Russia.
As reported here, the IMF has predicted that the Turkish economy will grow by 5.2% in 2010. Compare that the growth rate of 3.1% projected for the US economy.
Steve Bryant and Ben Holland at Bloomberg report that Turkey has a relatively young population. "More than a quarter are under 15 years old and 6.3 percent are over 65, according to the 2009 census. In the U.S., 19 percent are under 15 and over-65s make up 13 percent of the 316 million population, data compiled by Bloomberg show. Turkey is also younger than China, where 19 percent of 1.4 billion people are under 15 and 8.4 percent over 65. In countries that share the euro, 17.5 percent are over 65 and 16 percent are under 15."
This means that it can sustain high levels of growth and put more young people to work in industries that are more productive.
The biggest problems Turkey faces now include unemployment, sitting at 14.5%, unrest with the Kurds and issues between the conservative, secular nationalists and the Islamic-leaning Justice and Development Party or AK. As reported in the New York Times, Turkey is struggling for some closure with its past.
If it manages to do this, it will be an economic force to be reckoned with.
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