By Ayesha Villalobos
While traditional powers have been afflicted with financial crisis and economic debacle, Turkey a newly emerging economy have been boldly demonstrating its drive towards economic boom, which guarantee power of varying degrees to each in and around their respective regions and all over the world. An overwhelming confidence created by growing trade and investment, which has not been witnessed since the 1990s escalated the aspirations of countries from the Caribbean to China, and from Africa to the Middle East to become a new centre of economic power.
China has emerged as a global economic power in recent years with the role it plays as an exporter of both cheap manufacturing products and capital, and it has a growing assertiveness to become regional power. Furthermore, China has quickly caught up with the American technology to maintain its economic strength. On the other hand, unlike the South American countries, China’s regional power pursuit has territorial disputes around the China Sea. China interprets its global economic gains based in military upgrading and armament and as a result it ignites a flame of conflict between itself and other regional countries like Malaysia, Brunei, Philippines and Vietnam, which also have territorial
claims in and around the China Sea. Therefore, these circumstances represent an imminent threat to China’s projection as an acknowledged regional economic power.
Brazil regarded as the regions’ “heavy weight”. With the regional growth in investment and export of basic products it has turn into a superstar economic contender in the region. Colombia, Peru, Argentina, Colombia, And Chile turned out to be runner ups in this bunch. Nonetheless, the sustainability of the new power assertion of these countries is eclipsed and endangered by the excessive and prevalent income disparity in their domestic economies even though the fastest economic growth rates were achieved. Thus, if economic growth in due time is translated into fair sharing of welfare and social advancement , South America’s potential is very promising to become a regional economic power to the world
Notwithstanding the central differentiation in their power and systematical characteristics, India is regarded to be in the same guild with China as a newly emerging global/regional power. India is a high growth economy with strong technological and knowledge foundations. There are pervasive points of view that India may outpace China in the coming years due to its rapid population growth. India accumulating additional manpower annually to the labor force than the shrinking China may benefit the costs advantages that China loses in its exports. However, India still has the lack of modern and efficient infrastructure to qualify as a regional power. It has lengthy inefficient road, energy and ports infrastructure; even though it has been extensively taking part in telecommunications, technology, out sourcing, garments and textiles, heavy industry and agriculture. It is still suffering from shortage of skilled labor in the face of its huge population. It still could not defeat domestic problems such as corruption, health and poverty. India also has the shadow of regional political and territorial disputes over its quest as a regional economic power. Above all, India’s growing insurgencies in nearly ten states with Kashmir in the forefront will never be able to achieve peace and harmony a pre-requisite for economic growth.
For the last 6 years there has been an increasing certainty in the world that among other emerging countries, Turkey plays a more significant role, primarily because it is on the periphery of Europe geographically and on the periphery of the European Union (EU) politically and it has propinquity to the Middle East and North Africa as well as to the Caucasus and the Central Asia. Turkey does not have any territorial arguments of these geographies, where it has a profound historical relationships and influence. Turkey has been cementing its relations with the Middle East region since the 1980s and has maintained its relations with the Caucasus, the Central Asia and the Russian Federation after the cold war. Hence, the decade starting with the 1990s connotes a period of new economic influence for Turkey for it has implemented the opportunity of producing policy in spite of the economic and political tumult it experienced with in 1990s.
In recent years the Turkish foreign policy has engaged more foreign missions on improving relations at global and regional levels, establishing firm foundations for mutually beneficial, institutional, political, economic and social engagements with countries in a broader geographic spectrum. The promotion of trade, business contracts and public tenders in the countries of the Middle East, Central Asia, Europe and the Pacific region has become one of the most vital foreign policy mechanisms for the last eight years; while the aim for the Turkish business sphere has been an extensive broader coverage of operations.
Turkey has a performing market economy and the financial discipline to enhance this achieved macroeconomic stability since 2001. The Turkish economy has an embedded vitality. The country is ruled by democracy and it is with conformity and respect to international treaties and institutions while presentating a growing awareness to improve relations with its regional neighbours.
Five years of continuous economic growth from the period between 2002 and 2007, particularly for the last two years, which are marked as the era of one of the worst global financial crisis, Turkey has become “the fastest growing sizable economy” in the world amongst the newly emerging countries. With a population of approximately 74 million people it has recently transformed into a manufacturing and service economy with export competitiveness practiced over diversified geographic areas. Today it is the 16th largest economy in the world with $760 billion total and with $10,270 per capita income. The GDP growth in 2009 was 7.9% despite the economic and financial upheavals in the world. Inflation drastically decreased to 6.4 percent by the end of 2010, down from 30 percent in 2002, while the EU-defined general government nominal debt stock fell to 41.6 percent from 74 percent in a period of eight years between 2002 and 2010. Hence, Turkey has been meeting the “60 percent-EU Maastricht criteria” for the public debt stock since 2004.
As the GDP levels more than tripled to USD 736 billion in 2010, up from USD 231 billion in 2002, GDP per capita soared to USD 10,079, up from USD 3,500 in the given period.
The visible improvements in the Turkish economy have also boosted foreign trade, while exports reached USD 114 billion by the end of 2010, up from USD 36 billion in 2002. Similarly, tourism revenues, which were around USD 8.5 billion in 2002, exceeded USD 20 billion in 2010.
Turkey’s macroeconomic stability has been guaranteed for the last 8 years despite the unpredictability of the world market. Turkey resolutely maintained its economy on the right path in the absence of the IMF support, refusal to accept against any further borrowing from the Fund since 2008. Due to its successful domestic and the international performance of the economy, Turkey has completed its global financial amalgamation with the capability to circumvent the effect of the global financial crises since 2008. Hence, Turkey because of its excellent credit standing has been gaining from favourable rates of international borrowing.
Turkey decided to diversify its industrial structures, which is attuned to the European standard of safety, quality, packaging, and shipping, with its production, the corporate system has been amended and improved in accordance to the EU standards to be qualified to become an EU member. However, in the face of the EU’s economic upheaval Turkish community loses its appetite for EU’s accession. Whilst such opinion may hold, uncertainty. Therefore it is wiser for Turkey to confine its role to a powerful economy, rather than an economic or political power, since uncertainties require prudential and cautious approach.
 “China’s Balancing Hand”, The World in 2011, The Economist:136