My 2012 estimate for economic growth in Turkey was 4% in January with an inflation rate stubbornly high at 8% for the year. After two years of above-8% economic growth, I went short-term neutral and long-term bullish on the country in January.
After the recent debacle with the failed Facebook IPO, I thought I would hear more negative feedback on the situation. I have heard plenty of negatives, but I’ve also heard a lot of acceptance. There’s a statistic out there somewhere that proves that more IPO’s lose money than make it. An ADR is different.
Tuesday’s best web looks at establishing an Islamic mega-lender in Malaysia, the Bulgarian telecom shuffle, U.S. trade with Turkey, Nestle’s growth in Indonesia, and L’Oreal’s success in China.
Vladimir Putin will be inaugurated for his third term as Russia’s president today, and with typical grandiosity has declared a national holiday in his own honor. Looking at the Kremlin’s pomp and circumstance, it would be easy to forget that the mass protests in the streets of Russia last winter ever happened.
Investors looking for exposure to Turkey’s fast-growing market have limited opportunities in the United States.