Turkey's achievements are all the more remarkable when one considers its neighborhood. Yet Turkey has made remarkable strides in the midst of regional upheavals. After a sharp downturn in 1999-2001, the economy grew by 5% a year on average from 2002 to 2012. It has remained at peace, despite regional wars. Its banks avoided the boom-bust cycle of the past decade, having learned from the banking collapse in 2000-2001.
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