Turkey’s economic potential is obvious. Sitting at the crossroads of Europe and Asia, this secular, predominantly Muslim democracy could hardly be more strategically located. With its blend of Western and Eastern cultures and fast-growing 74m-strong population, many of them young and well-educated, Turkey should be among the world’s most attractive emerging markets.
And so it has seemed. The Turkish economy has tripled in size since the early 2000s, riding an almighty wave of consumption and construction. Foreign direct investment has poured in. This ancient country, with its ubiquitous monuments and minarets, now has a multitude of skyscrapers, shopping malls and infrastructure mega-projects. These include the $11bn Istanbul-Izmir motorway, a high-speed Ankara-Istanbul rail-link and a plausible bid to build the world’s largest airport, handling 150m passengers a year.