Economic Impact of Turkey`s Changing Foreign Policies

Article

This research study investigates the importance of sovereign countries’ foreign affairs in the development of their national economies. It is sometimes the economic ties between countries that shape their international relations and in some cases the reverse is true, where political relations effect the countries’ economies....

This research study investigates the importance of sovereign countries’ foreign affairs in the development of their national economies. It is sometimes the economic ties between countries that shape their international relations and in some cases the reverse is true, where political relations effect the countries’ economies. For that reason many countries develop strategic and targeted Economic Foreign Policies with the aim of achieving calculated economic gains. Turkey’s foreign policies have undergone major changes since the election of the Justice and Development Party (AKP) in late 2002 attracting significant attention from world politicians, academics and international business leaders. While some of Turkey’s closest allies observed these developments with concerns considering it a major “shift” in foreign policies, Turkey’s economy grew by an impressive average of 7.3% during this period [2004-2007]. This study evaluates the extend of which Turkey’s recent change in foreign policies has impacted her economy. Comparing Turkish exports to- and inward FDIs from Traditional Trading Partners (TTP) to that of New and Reinvigorated Trading Partners (NRTP), it becomes apparent that there is a significant upward trend with the NRTP figures while the numbers for TTP are relatively modest. Interviews conducted with important business leaders and policy makers confirm these findings and emphasize that Turkey’s recent economic boom had numerous contributing factors with the actively sought and nurtured Economic Foreign Policies playing a central role.

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