UK's Independent: "Turkey is a star performer waiting on the EU's borders"

Turkey's economy is "bubbling under" and should have an eye kept on it, said British daily The Independent yesterday. "These countries are characterized by youth and urbanized populations combined with rising incomes and the expansion of the middle class," the paper quoted John Kelly, from independent financial advisers Chelsea Financial Services, speaking of Turkey and nine other emerging nations. Waiting patiently on the borders of Europe, Turkey is one of the most world's compelling global growth stories, said the paper. "The numbers are impressive," Alex Tarver, global emerging markets specialist at HSBC, told the paper. "Turkey has a population of 72 million and average age of just 28. In addition, there is a growing automotive parts sector and the banks emerged from the credit crunch relatively unscathed." But Kathryn Langridge, the manager of Jupiter Emerging Markets, cautioned, "Inflation at 8 per cent and a wider current account deficit suggest the need for policy tightening and the market, which has risen 35 per cent during the year to date, may react to these policy challenges." She also pointed out that Turkey's economy is growing at more than 10 percent per year – comparable with China – and consumer demand is strong.