The country of Turkey is getting a make-over and with the government implementing major economic reforms the exchange traded fund (ETF) can stand to benefit. Turkey has not gotten its membership into the European Union, but is hopeful as accelerated privatization is a major goal, reports KG Narandranath for Economic Times.

Reforms are focused on areas like banking, agriculture, social security, energy and telecommunication. iShares MSCI Turkey Investable Market Index (TUR) launched in April and top holdings include financial services and telecommunication companies. The pro-business Justice and Development Party or AKP, is making promises in areas of labor market and taxation.

Over the past five years, the Turkish economy has grown 7% on average, with a gross national income of $663 billion for 2007. They are rated the 17th largest economy in the world, and sixth in Europe with a GDP of $400 billion in 2007.

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