While Turkey’s Economic Star Rises, Sarkozy’s France Finds Irrelevance
Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.
5 March 2011
5 March 2011
It was not that long ago that Turkey was the Sick Man of Europe, the ragtag remains of the Ottoman Empire struggling with inflation and military corruption, while France was a dynamic economy and one of the pillars of the global diplomatic sphere.
In a way, those roles have been reversed. France’s President, Nicolas Sarkozy, went abroad not on a diplomatic mission but a domestic one. His speech in Turkey was designed to appeal to right-wing Islamophobic French voters, causing considerable offence to his hosts. The Turks, meanwhile, have got their economic house in order, and are becoming a pivotal power in the Middle East and Central Asia, leading some to call for the ‘BRIC’ countries to be renamed the ‘BRICT’.
Sarkozy’s Visit to Turkey
The French President’s first visit to Turkey was coldly received by Ankara, and it’s no wonder.
According to Anatolia news agency, the mayor of Ankara chewed gum as he saw Nicolas Sarkozy off at the end of a visit to Turkey in retaliation to the same act of disrespect performed by the French president when he arrived in Turkey.
Sarkozy’s talks with President Abdullah Gül and Prime Minister Recep Tayyip ErdoÄŸan were aimed at winning Ankara’s support for France’s goals during its time at the helm of the G20.
During the talks, Sarkozy acknowledged Turkey’s importance as a political and economic actor, and reiterated his opposition to Turkish membership in the European Union.
In a report by Today’s Zaman:
“This is a nice hope. But there is something that makes this hope impossible. While expressing his well-known opinions regarding Turkey’s EU membership, Sarkozy was appealing to the far-right voters in his country rather than his addressees in Ankara. That was like an election speech for the 2012 presidential elections to be held in France. We know that the French right this time will really have a hard time in the 2012 elections,” Bumin says.
“In the end, he will watch Turkey’s accession to the EU from a deserted beach in his oversized shorts,” Altan says. Stating that neither Turkey nor the EU will shape its policy according to Sarkozy, Altan underlines that Turkey should be self-critical and attempt to be a transparent state by itself.
“If we can establish a system that protects our citizens, if we can make our state transparent and make ‘humans’ more important than any other thing, why would we need Europe?” he asks.
Turkey’s Economy
Turkey’s GDP growth in 2010 was 7.8 percent, up from -4.7 percent in 2009, making Turkey number 21 on the global GDP growth ladder.
With only 11 percent unemployment (compared to France’s 9.8 percent), its dynamic economy is a complex mix of modern industry and commerce along with a traditional Agriculture, fisheries and farming sector that still accounts for more than 35 per cent of employment.
Turkey has a strong and rapidly expanding private sector, yet the state still plays a serious role in basic industry, banks and financial institutions and financial services, transport, and communication.
The largest industrial sector is textiles and clothing, which accounts for one-third of industrial employment; it faces stiff competition in international markets with the end of the global quota system.
Other sectors, such as automotive and electronics industries, are rising in importance within Turkey’s export mix.
Read the full report for Turkey’s Economic Statistics and Indicators on EconomyWatch.
Turks on Turkey
It’s no wonder Turks can now turn their nose up at the European Union. Business in the capitol, Istanbul is booming and employment rates are higher than they’ve ever been. Their economy has been opened up to global trade – and a democratic single party government has given Turkey political stability.
Wealth is growing and a vibrant and highly skilled and educated workforce is paving the way for booming future growth and development in Turkey.
Read what the Turks are saying on Business Insider’s forum.
It’s no wonder Turkey doesn’t feel the pinch to fight for membership in the EU.
While the Turks are growing increasingly confident of themselves on the world stage, it is a bit sad to see French statesmen, with a permanent seat on the UN Security Council, more focused on winning the votes of some right-wing racists than in shaping tomorrow’s world political economy in a constructive way.
What’s your opinion about Turkey’s economy and President Sarkozy’s recent visit to Turkey? Tell us what you think below.
