Financial crisis has taken all over the world. Every country is facing sort of financial crisis and the most powerful economies like America, China and Russia and India are facing the world wide financial crisis and if we particularly talk about Europe and middle East countries, we will see that Turkey is facing crucial financial situation due to increase in inflation and de value of local currency as compare to other currencies. These crises are still to go for some more seven or eight months reported by Turkey ministry but the situation is still hard to control within sometime. But what is more concerning about Turkish economy is it is not globalizing economy as other European countries are. Somehow it is beneficial but more than that it is totally a disadvantage because international markets are always changing and with in sometime, the IMF and World Bank try to cover-up the problems by providing financial solutions but Turkey is not part of world social economy so it remains in crisis.
If we see the positive aspects regarding Turkish economy we see that the higher executives of economy and finance are capable to save Turkey from high effects of world’s financial crisis. The trained bank system, balance of payments, market system and infrastructure of business are designed in way that they can wok on their own despite depending on the world bank and IMF policies that are difficult and sometimes impossible to mange for developing countries and that is the reason that still Turkey’s economy is going good on the contrary to the world.
Turkey has set the rules and regulations for the foreign exchange currencies and markets in a way that they do not de value the local currency. And if some countries plan the foreign exchange rates with its local currency than chances are very rare to face crisis and this is what Turkey is managing for its money to remain stable for long.
Another factor that can affect any countries economy is the political condition and Turkey has to face the instable political issues because it lies between Europe and Middle East and religion crisis are always a problem for Turkey but still they had a good repute unlike other countries that had spoiled the economy due to religious crisis.
So we can say that Turkey is one of the strongest countries who are facing the financial crisis with determination and planning.