Turkey’s globalization cannot be fully comprehended without taking account of its largest city. Difficult to define as just one city, Istanbul is perhaps better understood, on the national stage and in a global sense, as a "metropolitan basin" that features many cities within it. Istanbul produces 20 percent of Turkey’s $658 billion gross domestic product. The city’s economy is worth $133 billion, making it the 34th largest among the world’s biggest city economies.
Turkish lira fell 4 percent and the shares closed down 7.46 percent on Monday as global financial crisis fears intensified. Traders and analysts said state prosecutor’s move to have the ruling AKP closed added to those fears and increased the political risk at a time when the global conditions worsened. (UPDATED)
Turkish lira fell 4 percent and the shares closed down 7.46 percent on Monday as global financial crisis fears intensified. Traders and analysts said state prosecutor's move to have the ruling AKP closed added to those fears and increased the political risk at a time when the global conditions worsened. (UPDATED)