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Turkey: The Evolving Turkish Economy
Istanbul, Turkey
Program Terms: Spring Short Term
Cost Estimate Spring Short Term
Fact Sheet:
Minimum GPA: 3
 Language(s) of Instruction:
 Class Status:
Graduate Open to non-GW students: Yes
 Level of Immersion:
Short Term Abroad
Program Description:

The Evolving Turkish Economy (IBUS 6297)

Please Note: This program was cancelled for the Spring 2014 Semester. Please check back in September 2014 for updated Spring 2015 programs.

Is this program for me?Istanbul stock exch - The Guardian

The course is about the Turkish economy’s evolution over the last decade, which was the last chapter of the transformation that started in early 1980s. Turkey is one of the fastest growing emerging economies in addition to being located in a geo-strategically sensitive region. Early in the new millennium, in the wake of the home grown 2000/01 crisis, Turkey has implemented its own macro-economic and political reforms, put public sector finances under control, reduced its high and volatile inflation considerably, and stabilized the business environment. Consequently, it has recorded high growth rates, and attracted significant amounts of FDIs. There are three areas that are, in my opinion, important in terms of understanding the evolution of the Turkish economy over the last decade.
First of all, Turkey’s growth has been primarily financed by external funds, increasingly short & medium-term financial flows from other countries, due to insufficient domestic financial savings.  Thus, the nature of financing is a significant constraint for the sustainability of growth, distinguishing Turkey from some other emerging surplus economies such as China, Russia and Brazil.
Secondly, the high growth rates led to a sizeable increase in GDP and per capita GDP over the last decade.  Coupled with consistent efforts by the Government to improve income distribution, this had led to a visible expansion of the middle class in the country. The growth of the middle class has been one of the main drivers of urbanization, housing boom, mushrooming shopping malls, and increased domestic consumption, therefore consolidating the domestic component of growth.
Finally, it is argued that a considerable portion of the “borrowed” funds has been channeled to real estate investments that are not contributing to the long-term productivity of the Turkish economy and also creating a real estate boom that can jeopardize Turkey’s future growth. However, there are others claiming that Turkey’s real-estate boom cannot be compared to that of Spain or Ireland because the bank financing is limited, and driven essentially by urbanization and growing middle classes, not speculators.
In addition to being exposed to a general understanding of an emerging economy, the students are going to focus on the analysis of the above three areas that are critical in assessing the performance of the economy over the last decade. While the rise of the middle class is a “healthy” development, extensive dependence on foreign funding jeopardizes the future performance of the economy. Gaining insights into the dynamics of real estate boom is also important in terms of assessing the risks it poses, if any. 

Academic Credit

3 credits are awarded for successful completion of the IBUS 6297.


Application Deadline:

Extended to COB on Monday, December 2, 2013

On-Campus Dates*

Tuesdays from 4 - 6pm
February 25 & March 4

*On campus dates may change due to classroom space availablity. 

On-Campus Dates may 

Overseas Dates: March 8 - March 15, 2014

GW Professor

Abdullah Akyuz ( - Adjunct Professor of International Business


Click HERE for cost estimate.

Information Session

Monday, November 18
4:00 - 5:00pm
Duques Hall, room 553


This program is administered by Global & Experiential Education in The George Washington University School of Business.

Feel free to contact us at 202.994.1212 or with questions.

Helpful Links

Eligibility & Payment (GWSB Graduate)
Withdrawal & Refund Policy for Short-Term Abroad
Cancellation Policy for Short-Term Abroad
Health Insurance for Short-Term Abroad
Pre-Departure, Health & Safety Orientation for Short -Term Abroad
Non-Participant Accompaniment