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The Effects of the European Debt Crisis on the Economic Future of Turkey. A Country Study


  • Richard J. Hunter Jr.

    () (Seton Hall University)

  • Mehmet Kilic

    (Seton Hall University)


This article will discuss a simple question: How has Turkey be affected by the European Debt Crisis? The article will discuss general economic conditions in Turkey and provide important economic indicators, describe the history of Turkey’s involvement with the European Union, and relate how Turkey avoided the worst negatives of the European crisis. The article argues that Turkish domestic demand has been the driving force behind Turkey’s economic growth, and describes the important role of Turkey’s Central Bank. The article concludes by discussing the relationship between the IMF and Turkey and the necessary structural reforms required for transforming the economy of Turkey, and the main strengths and weakness in the Turkish economy.

Suggested Citation

  • Richard J. Hunter Jr. & Mehmet Kilic, 2013. "The Effects of the European Debt Crisis on the Economic Future of Turkey. A Country Study," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 3(1), pages 195-209, January.
  • Handle: RePEc:hur:ijaraf:v:3:y:2013:i:1:p:195-209

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    References listed on IDEAS

    1. Ayla Ogus & Niloufer Sohrabji, 2008. "Analyzing the Present Sustainability of Turkey’s Current Account Position," Working Papers 0803, Izmir University of Economics.
    2. Fethi Ogunc & Gokhan Yilmaz, 2000. "Estimating The Underground Economy In Turkey," Discussion Papers 0004, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    3. Kenc, Turalay & Turhan, M. Ibrahim & Yildirim, Onur, 2011. "The experience with macro-prudential policies of the central bank of the republic of Turkey in response to the global financial crisis," Policy Research Working Paper Series 5834, The World Bank.
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