Boost for Turkey’s markets

Posted on: July 31, 2008

Written by Select Property

Turkish bonds gained the most in two years and stocks also surged after Prime Minister Recep Tayyip Erdogan's party escaped a ban in Turkey . The decision will provide political stability in Turkey, which is an important factor for the financial markets.

Erdogan's government has presided over record economic growth and foreign investment in Turkey. The $660 billion economy has expanded at an annual average pace of almost 7 percent since Erdogan came to power in 2002.

Erdogan said last night that he'll press ahead with reforms and measures to win European Union membership for Turkey. EU Enlargement Commissioner Olli Rehn last night urged Turkey "to resume with full energy its reforms to modernize the country."

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