By any standards, Turkey’s economy has undergone an astonishing transformation since it emerged from the deep recession generated by the 2001 banking crisis.
Between 2002 and 2007, under the aegis of the IMF, annual growth in gross domestic product averaged 6.7 per cent – more than double the average rate during the ups and downs of the 1990s, which Turks now refer to as their “lost decade”.
