Turkey's Economy Faces Some Painful Music

From 1983 to 1993, Turkey was the shining star of Europe's emerging economies, turning in average growth of better than 5%. No more. Economist Vincenzina Santoro of J.P. Morgan & Co. notes that after posting a first-quarter rise of 3.5%, Turkey's real gross domestic product last quarter plunged 11.3% below the year-earlier level, with no revival yet in sight.

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