How Not To Sell Off The RanchJohn Doxey
For investors, Turkey has been a highflier this year. The Istanbul Stock Exchange composite index is up 77% in dollar terms, and with good reason: An export surge by companies taking advantage of Turkey's devalued lira has boosted corporate earnings an average 25% in 1995. Spending cuts imposed by Prime Minister Tansu Ciller in April, 1994, at the height of a Mexican-style financial meltdown have also begun to pay off. Inflation is down to 77% after hitting a numbing 156% early this year, while the economy is expected to grow 4% in 1995 after plunging 6% in 1994.
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