Friday, November 21, 2008

Republic of Turkey by Wikipedia

Etymology
Main article: Names of Turkey
The name of Turkey, Türkiye in the Turkish language, can be divided into two words: Türk, which means "Strong" in Old Turkic and usually signifying the inhabitants of Turkey or a member of the Turkish or Turkic peoples,[11] a later form of "Tu–kin", a name given by the Chinese to the people living south of the Altay Mountains of Central Asia as early as 177 BCE;[12] and the abstract suffix –iye (derived from the Arabic suffix –iyya, but also associated with the Medieval Latin suffix –ia in Turchia, and the Medieval Greek suffix –ία in Τουρκία), which means "owner" or "related to". The first recorded use of the term "Türk" or "Türük" as an autonym is contained in the Orkhon inscriptions of the Göktürks (Sky Turks) of Central Asia (c. 8th century CE). The English word "Turkey" is derived from the Medieval Latin "Turchia" (c. 1369).[12]

Republic era
Main articles: History of the Republic of Turkey and Atatürk's reforms

Mustafa Kemal Atatürk, founder and first President of the Republic of TurkeyThe occupation of İstanbul and İzmir by the Allies in the aftermath of World War I prompted the establishment of the Turkish national movement.[6] Under the leadership of Mustafa Kemal Pasha, a military commander who had distinguished himself during the Battle of Gallipoli, the Turkish War of Independence was waged with the aim of revoking the terms of the Treaty of Sèvres.[5] By September 18, 1922, the occupying armies were repelled and the country saw the birth of the new Turkish state. On November 1, the newly founded parliament formally abolished the Sultanate, thus ending 623 years of Ottoman rule. The Treaty of Lausanne of July 24, 1923, led to the international recognition of the sovereignty of the newly formed "Republic of Turkey" as the successor state of the Ottoman Empire, and the republic was officially proclaimed on October 29, 1923, in the new capital of Ankara.[6]

Mustafa Kemal became the republic's first president and subsequently introduced many radical reforms with the aim of founding a new secular republic from the remnants of its Ottoman past.[6] According to the Law on Family Names, the Turkish parliament presented Mustafa Kemal with the honorific name "Atatürk" (Father of the Turks) in 1934.[5]

Turkey entered World War II on the side of the Allies on February 23, 1945 as a ceremonial gesture and became a charter member of the United Nations in 1945.[22] Difficulties faced by Greece after the war in quelling a communist rebellion, along with demands by the Soviet Union for military bases in the Turkish Straits, prompted the United States to declare the Truman Doctrine in 1947. The doctrine enunciated American intentions to guarantee the security of Turkey and Greece, and resulted in large-scale US military and economic support.[23]

After participating with the United Nations forces in the Korean conflict, Turkey joined the North Atlantic Treaty Organization (NATO) in 1952, becoming a bulwark against Soviet expansion into the Mediterranean. Following a decade of intercommunal violence on the island of Cyprus and the Greek military coup of July 1974, overthrowing President Makarios and installing Nikos Sampson as dictator, Turkey intervened militarily in 1974. Nine years later the Turkish Republic of Northern Cyprus (TRNC) was established. The TRNC is recognised only by Turkey.[24]

Following the end of the single-party period in 1945, the multi-party period witnessed tensions over the following decades, and the period between the 1960s and the 1980s was particularly marked by periods of political instability that resulted in a number of military coups d'états in 1960, 1971, 1980 and a post-modern coup d'état in 1997.[25] The liberalization of the Turkish economy that started in the 1980s changed the landscape of the country, with successive periods of high growth and crises punctuating the following decades.[26]

Economy
Main articles: Economy of Turkey and Economic history of Turkey

Levent financial district in IstanbulTurkey is a founding member of the OECD and the G-20 major economies.

For most of its republican history, Turkey has adhered to a quasi-statist approach, with strict government controls over private sector participation, foreign trade, and foreign direct investment. However, during the 1980s, Turkey began a series of reforms, initiated by Prime Minister Turgut Özal and designed to shift the economy from a statist, insulated system to a more private-sector, market-based model.[26] The reforms spurred rapid growth, but this growth was punctuated by sharp recessions and financial crises in 1994, 1999 (following the earthquake of that year),[66] and 2001,[67] resulting in an average of 4% GDP growth per annum between 1981 and 2003.[68] Lack of additional reforms, combined with large and growing public sector deficits and widespread corruption, resulted in high inflation, a weak banking sector and increased macroeconomic volatility.[69]

Since the economic crisis of 2001 and the reforms initiated by the finance minister of the time, Kemal Derviş, inflation has fallen to single-digit numbers, investor confidence and foreign investment have soared, and unemployment has fallen. The IMF forecasts a 6% inflation rate for Turkey in 2008.[70] Turkey has gradually opened up its markets through economic reforms by reducing government controls on foreign trade and investment and the privatisation of publicly owned industries, and the liberalisation of many sectors to private and foreign participation has continued amid political debate.[71]


TCDD high speed trainThe GDP growth rate from 2002 to 2007 averaged 7.4%,[72][73] which made Turkey one of the fastest growing economies in the world during that period. The World Bank forecasts a 5.4% GDP growth rate for Turkey in 2008.[74] Turkey's economy is no longer dominated by traditional agricultural activities in the rural areas, but more so by a highly dynamic industrial complex in the major cities, mostly concentrated in the western provinces of the country, along with a developed services sector. In 2007, the agricultural sector accounted for 8.9% of the GDP, while the industrial sector accounted for 30.8% and the services sector accounted for 59.3%.[75]

The tourism sector has experienced rapid growth in the last twenty years, and constitutes an important part of the economy. In 2007, there were 27,214,988 visitors to the country, who contributed 18.5 billion USD to Turkey's revenues.[76]


Etox is a Turkish sports car brand, based in AnkaraOther key sectors of the Turkish economy are banking, construction, home appliances, electronics, textiles, oil refining, petrochemical products, food, mining, iron and steel, machine industry and automotive. Turkey has a large and growing automotive industry, which produced 1,024,987 motor vehicles in 2006,[77] ranking as the 6th largest automotive producer in Europe in that year; behind Germany (5,819,614), France (3,174,260), Spain (2,770,435), the United Kingdom (1,648,388), and Italy (1,211,594), respectively.[78] Turkey is also one of the leading shipbuilding nations; in 2007 the country ranked 4th in the world (behind China, South Korea and Japan) in terms of the number of ordered ships, and also 4th in the world (behind Italy, USA and Canada) in terms of the number of ordered mega yachts.[79]

In recent years, the chronically high inflation has been brought under control and this has led to the launch of a new currency, the New Turkish Lira, on January 1, 2005, to cement the acquisition of the economic reforms and erase the vestiges of an unstable economy.[80] On January 1, 2009, the New Turkish Lira will be renamed once again as the Turkish Lira, with the introduction of new banknotes and coins. As a result of continuing economic reforms, inflation has dropped to 8.2% in 2005, and the unemployment rate to 10.3%.[81] In 2004, it was estimated that 46.2% of total disposable income was received by the top 20% income earners, while the lowest 20% received 6%.[82]


Esenboğa International Airport in AnkaraTurkey has taken advantage of a customs union with the European Union, signed in 1995, to increase its industrial production destined for exports, while at the same time benefiting from EU-origin foreign investment into the country.[83] In 2005, exports amounted to 73.5 billion USD while the imports stood at 116.8 billion USD, with increases of 16.3% and 19.7% compared to 2004, respectively.[84] For 2006, the exports amounted to 85.8 billion USD, representing an increase of 16,8% over 2005.[85] In 2007 the exports reached 115.3 billion USD[86] (main export partners: Germany 11.2%, UK 8%, Italy 6.95%, France 5.6%, Spain 4.3%, USA 3.88%; total EU exports 56.5%.) However, larger imports amounting to about 162.1 billion USD[87] threaten the balance of trade (main import partners: Russia 13.8%, Germany 10.3%, China 7.8%, Italy 6%, USA 4.8%, France 4.6%, Iran 3.9%, UK 3.2%; total EU imports 40.4%; total Asia imports 27%).[88][89]

After years of low levels of foreign direct investment (FDI), Turkey succeeded in attracting 21.9 billion USD in FDI in 2007 and is expected to attract a higher figure in following years.[90] A series of large privatizations, the stability fostered by the start of Turkey's EU accession negotiations, strong and stable growth, and structural changes in the banking, retail, and telecommunications sectors have all contributed to a rise in foreign investment.[71]

No comments:

Post a Comment

Thanks for your comments.

background