Bridging the Divide: Turkey Has Come a Long Way since Its Economic Crisis Three Years Ago. for the First Time in Decades It Is Enjoying a Degree of Political and Economic Stability. but There Are Still Hurdles to Be Overcome before It Can Be Considered for Full EU Membership

Beginning of article

Istanbul is booming. The busy streets of this huge city teem with activity and exude a mood of optimism that comes from a population at ease with itself. Restaurants are flail to overflowing, shops are busy and cranes tower over the city's many historic landmarks. There is an undeniable confidence in the air.

And rightly so. For the first time almost in living memory, Turkey is enjoying a period of political and economic stability. Inflation is down to single figures for the first time in 30 years. Gross national product (GNP) is up by nearly 9 per cent. The number of foreign firms investing in the country has almost tripled over the past two years. And the ruling Justice & Development Party (AKP), led by charismatic Prime Minister Recep Tayyip Erdogan, has an overwhelming majority in parliament, granting it a free hand in legislating necessary reforms.

It was all so different just three years ago, when Turkey experienced a massive economic meltdown. Driven by the collapse of the exchange rate-based disinflation programme, a …