Turkey’s ever-expanding current account deficit has become the Achilles heel of the country’s economy. In October, the State Planning Organisation projected that the import-fuelled balance of payments deficit would increase from $36.4bn in 2007 to $39.2bn in 2008. It was $31.7bn in 2006.

In some respects, the deficit is an inevitable consequence both of Turkey’s surging economic growth and of its heavy dependence on imported energy. Up to 90 per cent of its oil and 97 per cent of its gas are imported, primarily from Russia, Iran and Azerbaijan. As the price of oil climbs, the country’s energy bill is becoming onerous.