The world has been forever changed by the aptly named credit crunch. As emerging markets lead the global recovery, they will be the dominant force in the global economy within 3 years, measured by purchasing power parity, according to HSBC. Turkey is one of the hottest of those emerging markets.

HSBC made the statement mentioned above in a report into the CIVETS, an anagram for Columbia, Indonesia, Vietnam, Egypt, Turkey and South Africa, which HSBC CEO Michael Geoghegan said would take over from the BRICs as the world’s fastest growing economies.

A prime example of how the world has changed, and how much it has changed can be seen in the activities of the UK government as they frantically push for increased trade with Turkey.

For example, David Cameron seems to be taking a very active role in drumming up trade with Turkey. Okay, it is not just Turkey, he is also involved in efforts with India, china and others, but Turkey is certainly apparent as his main focus. This is most likely because of Turkey’s geographic position, spanning between Europe, the Middle East and Asia, and also because Turkey is now the fastest growing economy in the European economic sphere (Turkey is technically part of Asia) by a significant margin.

It is little wonder, UK GDP grew 1.2% in Q2, while Turkey’s grew 10.3%. The UK badly needs to increase growth in order to curtail the runaway budget deficit.

UK Trade & Investment Chief Executive Sir Andrew Cahn said it best earlier this year:

“Turkey is an economic powerhouse with enormous potential for UK companies. With current growth levels of 11 per cent, it is tipped to be Europe’s second largest economy by 2050. Situated at the crossroads between east and west, doing business in Turkey can provide a foothold for companies looking to do business in the Middle East, European and Central Asian markets.”

Cahn statements were reported as the PM flew to Turkey in July this year, as part of a “messianic” drive to drum up trade. At the time he said that trade between the UK and Turkey should double from its current $9bn per year. During the visit Cameron called Turkey the “Europe’s BRIC”, in reference to the anagram of Brazil, Russia, India and China, grouped together as the fastest growing economies in the world.

Again in October Cameron repeated his sentiments, calling for all parties to work towards doubling trade between the UK and Turkey, and again calling Turkey Europe’s BRIC.

Trade between the UK and Turkey had risen continuously during the boom years, from 3.7n billion USD in 1996 to 14 billion in 2007, with the biggest increase being from 11.9 billion in 2006 to 14 billion in 2007. After falling back in 2008 and 09 it is on the rise again.

Another sign of Britain pushing for increased relations could be seen in the Queen presenting Turkish President Abdullah Gul with the Chatham House Prize for his work improving international relations.

Speaking of awards, Turkish Airlines was awarded the title of ‘Best Turkish Investor’ at an awards dinner celebrating the contribution of Turkish business to the UK economy at the end of last month.

Business Minister John Hayes’ statements at the ceremony draw a fitting conclusion to this article:

“As a Government we are keen to see stronger trade links with Turkey as we build up a solid and long-lasting relationship between our two countries.

“That’s exactly why one of David Cameron’s first overseas trips was to Turkey, and it’s why I am so pleased to be able to support an event like this, which recognises the importance of the Turkish business community in the UK.

“There are seventy Turkish-owned businesses registered at Companies House, with a turnover of more than £1 billion each year. This is an incredible opportunity for the UK and we should be ambitious about strengthening further what is already a thriving commercial relationship.”

Article supplied by Spot Blue.

Spot Blue is a UK based estate agent specialising in the Turkey property market. The firm is currently marketing properties from less than 25,000 GBP, including the lowest priced property in Altinkum at £23k.