First there was BRICS, now two clusters of emerging markets are being eyed by economists and investors alike: CIVETS and TIMP. The common denominator in these clusters other than Indonesia (I) is Turkey (T).
Turkey is another strong player to be a leader in the emerging markets. Political reforms have opened up both consumer and corporate lending. Bank lending growth hit 24% in March, accelerating from a mid-teens rate near the end of 2012, despite the best efforts of the Turkish government to contain lending by raising reserve requirements at banks. Turkey has essentially avoided the global financial meltdown of 2008, with their GDP expanding over the last 5 years at a 3% annual rate.
Given this positive outlook, another critical factor for Turkey to realize its global market potential is the ease of doing business in the country. This paper looks into the effectiveness of the business environment in terms of the ease of doing business and analyzes the implications of Turkey’s business environment as a market growth enabler.
I. Introduction
II. Economic Profile of Turkey
III. Ease of Doing Business in Turkey
i. Starting a Business
ii. Dealing with Construction Permits
iii. Getting Electricity
iv. Registering Property
v. Getting Credit
vi. Protecting Investors
vii. Paying Taxes
viii. Trading Across Borders
ix. Enforcing Contracts
x. Resolving Insolvency
IV. Implications
V. Analysis
VI. Conclusion
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