“A star is born” is how Akbank chairwoman Suzan Sabanci Dinçer describes Turkey’s resurgence following the recent international crisis. Having suffered a banking meltdown in 2001-02, which cost about one-third of the country’s gross domestic product (GDP), Turkey’s government overhauled its regulations and put the industry on a conservative path.
The fundamentals of the country’s economy are now coming together - growth, inflation, the debt-to-GDP ratio and budget deficit ratio - to create a virtuous circle whereby Turkey could become investment grade before the end of 2011.
