Overheating

the economist
The turkish economy
May 5th 2011

ISTANBUL
from the print edition
TURKEY’S ruling Justice and Development (AK) party is expected to win a third term of single-party rule at next month’s election, even though some voters fret about its autocratic ways. One reason for AK’s popularity is its management of the economy. After almost a decade of economic success, many Turks are loth to entrust the economy to an opposition that is tainted by a legacy of past crises.
The figures are impressive. After a sharp contraction in 2009, the economy recorded the third-fastest rate of growth in the G20 last year. Not a single Turkish bank failed in the financial crisis. And inflation has been held down, partly thanks to a strong lira. “For the first time in my life, inflation is the same as in Britain,” boasts Erdem Basci, Turkey’s new central-bank governor. Yet he acknowledges that, though “the [Turkish] ship is steady, the seas are choppy, a storm might erupt at any time.”...more....
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http://www.economist.com/node/18651739