16 Jun All the signs point to Turkey being the most promising emerging market!
2010’s breakout country is fast looking to be Turkey which is now showing itself to be one of the most promising emerging markets around these days:
* According to Doug Fabian for The Money Show, the iShares MSCI Turkey Index (NYSEArca: TUR) surged 98% in 2009 as the Central Bank reduced rates to record lows so as to fuel growth and the Turkish stock market became one of the world’s top performers.
* Turkey’s economy grew by an average of almost 6% between 2002 and 2008. However, despite the global crisis, the economy still showed growth of 5.8% for 2009.
* Turkey is now expected to expand 3.5% to 4% in 2010. Standard & Poor’s ratings raised Turkey’s long-term foreign currency and local currency sovereign credit ratings to BB and BB+, respectively.
* Turkey boasts something that resembles a recovery in its real estate sector. Home sales improved 25% in 2009 compared to 2008.
* Tourism may also be poised for a breakout with incoming tourists expected to reach 30 million this year. Turkey has already broken records with the figures for the first two months of this year and many airlines have added additional routes to this popular holiday destination