Provide a 12 pages analysis while answering the following question: For Turkey identify and critically evaluate the key economic, political and technological factors that have enabled it to become a R

Provide a 12 pages analysis while answering the following question: For Turkey identify and critically evaluate the key economic, political and technological factors that have enabled it to become a Rapidly Developing Economy/Emerging Economy. Prepare this assignment according to the guidelines found in the APA Style Guide. An abstract is required. Turkey has demonstrated its potential as one of the fastest rising economies in the world due to its impressive annual increase in GDP. For instance, the country recorded 8.5 per cent rise in 2011 GDP statistics released on April 2nd revealed that Turkeys GDP increased by 9 per cent in 2010 followed by a further 8.5% in the year 2011(see graph 1). These rates provides a solid argument to justify the inclusion of the country into MIST by Jim ONeill of Goldman Sachs to demonstrate the country’s continued economic growth together with countries such as South Korea Mexico and Indonesia. Countries under MIST categorization have the the potential match development rates recorded by those recognized as big emerging economies (BRIC) (The Economist, 2012). The current rate of Turkey’s FDI means its closest rival is China, followed by other rapidly developing countries such as Brazil, India and Russia. Demonstrating the shift of development from core greatest developing countries recognized under BRICs other countries with potential to report even faster growth rates.

Among the economic factors that have contributed to Turkey’s growth rate is the 2000–01 banking crisis as the aftermath led to strategic alignment based on the country’s, medium-term economic roadmap (Ernst & Young, 2013. Index Mundi, 2014). Before introduction of economic reforms Turkey had been economically disadvantaged due to a gap in policies to enforce fiscal discipline in addition to the country’s economy being reliant on monetary financing which resulted in high inflation and interest rates. Financial institutions took advantage of inadequate and sometimes nonexistent regulatory and supervisory policy to manage the banking sector to channel short-term borrowing from depositors into loans schemes of questionable quality and government securities.