Turkey: Healthy economy – somber mood
The ongoing wars in its neighboring countries of Syria and Iraq, the reignited conflict with the Kurds, foreign policy tensions and internal political polarization do not really provide a very good framework for the Turkish national economy. However, appearances can be deceiving, the economy is continuing to boom even if it has slowed down a little. After all, UniCredit has predicted substantial growth of 3.5 % for 2018 and 2019, more than practically every other European country will achieve. Mechanical engineering continues to be one of the most important driving forces of growth. It is well known for its significant levels of added value and high proportion of research and development activities.
If you just consider the hard economic facts and figures, we currently do not need to worry about Turkey. However, one thing that has changed in recent months is the increasingly somber mood of investors and trade partners in Europe. This has been triggered by the political differences between the EU states who do not want to accept the abolition of democracy in Turkey. And that is a good thing! Tensions have thus arisen and there is an increased feeling that Turkey is losing its appeal. Due to the political situation and terror attacks, companies are finding that fewer and fewer employees are willing to move to Turkey. Additionally, an increasing number of companies are refraining from investing in the Bosporus region or are at least operating more cautiously.
I believe Turkey is a country full of wonderful scenery, culinary delights, culture and people, which is why everyone should work together to ensure it remains this way in future.
The WIN Eurasia trade fair in Istanbul may be able to contribute towards this. This is where mechanical engineers and technical experts from all around the world will meet to discuss the latest technologies and developments. As always, you will be able to read about everything that is on display and what the technological world currently has to offer in our latest issue.
I hope you enjoy reading this!