Its archrival, Greece, might be getting most of the headlines lately, but in recent weeks Turkey has been flexing its diplomatic and economic muscle in the MENA region. Prime Minister Erdogan is throwing his nation’s weight in some encouraging ways (he visited Egypt this week to urge for more legitimate democracy) and some not-so-encouraging ways (recalling diplomats from Israel).
Honestly, I’m not so worried about the newly frosty relations with Israel, as it’s pretty much par for the course for the Middle East to spout some anti-Israel rhetoric once in a while just to keep folks happy. Some other recent news about Erdogan dismissing some key opposition leaders from the army is a little more troubling, but the struggle for Turkey to remain a secular republic (of which the army has been the main proponent) has been a problem since Ataturk was in charge.
Many of us will remember a few years ago when it looked as if Turkey would begin EU accession talks. Looking back on it (and probably laughing at how the situation has changed), it looks as if the Turks dodged a bullet by not getting the nod. From being moderately supportive of entry, opinion now seems to be, “We’re doing just fine, thank you.”
And why not? Turkey has a large population (79 million and growing; no fertility crisis here, folks), a GDP growth rate of 8.2% last year, NATO’s second-biggest army, booming tourism, and an economy approaching the trillion-dollar class. They’ve cut interest rates recently, leading some to believe that a recession is in order, and there are the omnipresent issues about the Kurds and the religious-secular divide, but overall I’m long Turkey apart from those few small caveats.
Am I wrong? What about you guys? Long or short on the Turks?
Long
Short. No country has embraced islamic fundamentalism and come out better for it in the long run. Theocracies breed cronyism and are hostile to change.
If you were long what would your exposure be? TUR? Other plays besides an index?
Long. Good demographis and some other good stuff which i cant remember.
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