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WorldOctober 1 2016

Turkey's economy: shaken but not stirred

Despite a failed military coup, and increasing regional instability that has brought frequent terror attacks and left the country catering for millions of refugees, the Turkish economy is delivering growth levels its Western neighbours can only dream of. But the possibility of external shocks continues to pose a risk, as David O'Byrne discovers.
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It is a long-standing cliché in Turkey that the reason the Turkish economy has traditionally proved so durable and dynamic is because Turkey is such a tough training ground. Businesses that thrive there have learned survival the hard way and are game for anything.

On recent evidence, that is a truism few would deny. In little over a year, Turkey has seen two general elections, more terrorist attacks than the rest of Europe combined that have all but destroyed the country's tourism sector, and a failed military coup that threatened to throw the political landscape into chaos. On top of this came a change of central bank governor, heralding a new fiscal strategy.

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