RESILIENT ECONOMY

Turkey’s dynamic economy is a cautious blend of public and private participation, as from public controlled economy it has slowly shift ed into more private participated one. The country registered a GDP growth rate of 5% in 2006, reaching $361 billion in 2005, and is expected to continue the same trend in 2007 as well (as per IMF projections). Although, in the year 2005, agriculture contributed 12% and industries 30% to GDP, it was the services sector, especially tourism (that recorded revenues of over $18 billion), which not only contributed 58% to GDP, but also improved the countries’ competitiveness index. Turkey, at present, has become 59th most competitive economy in the world as per IMF’s Global Competitiveness Index 2006. Clearly, a marked jump from its 71st rank in 2005. As Jose Angel Gurria, Secretary- General, OECD says while unveiling Economic Outlook on Turkey on October 16 this year, “Among the OECD members, Turkey’s economy had performed the best in the past few years, after its economic crises.”

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Source:- IIPM Editorial

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Execution and governance determine whether companies in emerging markets can realize their potential

The manner in which emerging-market companies achieve good governance varies greatly. Countries put different weights on the extent to which a governance system should protect the shareholders, employees and other constituents. The laws regarding corporate governance differ across nations, with greater similarities among those economies that share economic links such as trading connections. Governance practices vary even more. However, only companies that zealously protect the interests of shareholders and employees and ensure that both are able to receive competitive returns on investment, eventually become emerging giants.

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Source:- IIPM Editorial

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‘Knowledge Grid’

BPO is another area where both the countries are now trying to come in closer ties with each other. Low cost advantage of Philippines and high skill exception of India can open untapped opportunities of each of the country. No wonder, Indian BPO majors like Hewitt Associates, ICICI OneSource, Transworks Information Services Ltd, and Perot Systems have setup significant operations in Philippines. President A. P. J. Abdul Kalam at a Nasscom conference in February this year proposed a ‘Knowledge Grid’ between India, Philippines, Singapore & Korea to make ICT and IT based sectors tap $200 billion by the year 2010. He even advocated the eight point road map to raise Indo-Filipino trade rise to $2 billion in next three years. Surely, years to come will see the bilateral trade touching new heights. The Indian businesses must certainly not miss this opportunity to ride on the Filipino jeepney and be a party in its success carnival.

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Source:- IIPM Editorial

Visit also:- IIPM Publication, Business & Economy & Arindam Chaudhuri Initiative