Turkey’s economy has seemingly been out to prove something lately, and its exchange traded fund (ETF) is appreciative of the effort of this increasingly prosperous country.

The iShares MSCI Turkey (TUR) is well above its trend line, sitting 14.1% over the mark. In the last month, the fund has shot up 29.6%. By nearly every measure, Turkey’s economy is much stronger than it was when the AK Party won in 2002, report Andrew Higgins and Farnaz Fassihi for the Wall Street Journal. The fund launched on April 1.

Since then, annual growth has averaged 6.5%. Before that, it was 2.5%.

There are still challenges, though. Turkey hasn’t been immune from the global credit crunch, and is running a current-account deficit. The AK Party narrowly escaped being outlawed, as well, which set off questions about the country’s economic and political stability.

But the fact is, the country has done better under the AK Party than previous ones. According to one party member, there have been new investments, new sewage pipes, a new airport terminal and higher alcohol sales, thanks to tourists.

There has long been distance between Islam and capitalism, and the AK Party is seeking to bridge the gap. So far, it appears to be working. Private-car sales are up, per-capita gross domestic product is soaring.

Tags: Emerging Markets, Middle East, TUR, Turkey