or
or Turk-Is [Bayram MERAL]; Turkish Union of Chambers of Commerce and
Commodity Exchanges or TOBB [Fuat MIRAS]

International organization participation: AsDB, Australia Group,
BIS, BSEC, CCC, CE, CERN (observer), EAPC, EBRD, ECE, ECO, ESCAP, EU
(applicant), FAO, IAEA, IBRD, ICAO, ICC, ICFTU, ICRM, IDA, IDB, IEA,
IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, Interpol, IOC, IOM (observer),
ISO, ITU, NATO, NEA, NSG, OAS (observer), OECD, OIC, OPCW, OSCE, PCA,
UN, UNCTAD, UNESCO, UNHCR, UNIDO, UNIKOM, UNMIBH, UNMIK, UNOMIG, UNRWA,
UNTAET, UPU, WEU (associate), WFTU, WHO, WIPO, WMO, WToO, WTrO, ZC

Diplomatic representation in the US: chief of mission: Ambassador
Dr. Osman Faruk LOGOGLU FAX: [1] (202) 612-6744 consulate(s) general:
Chicago, Houston, Los Angeles, and New York
2525 Massachusetts Avenue NW, Washington, DC 20008 telephone:
Diplomatic representation from the US: chief of mission: Ambassador
Robert W. PEARSON embassy: Ataturk Bulvari
PSC 93, Box 5000, APO AE 09823 telephone: Istanbul consulate(s): Adana

Flag description: red with a vertical white crescent (the closed portion
is toward the hoist side) and white five-pointed star centered just
outside the crescent opening

Economy Turkey

Economy - overview: Turkey's dynamic economy is a complex mix of modern
industry and commerce along with a traditional agriculture sector
that in 2001 still accounted for 40% of employment. It has a strong
and rapidly growing private sector, yet the state still plays a major
role in basic industry, banking, transport, and communication. The
most important industry - and largest exporter - is textiles and
clothing, which is almost entirely in private hands. In recent years
the economic situation has been marked by erratic economic growth and
serious imbalances. Real GNP growth has exceeded 6% in most years,
but this strong expansion was interrupted by sharp declines in output
in 1994, 1999, and 2001. Meanwhile the public sector fiscal deficit has
regularly exceeded 10% of GDP - due in large part to the huge burden
of interest payments, which in 2001 accounted for more than 50% of
central government spending - while inflation has remained in the high
double digit range. Perhaps because of these problems, foreign direct
investment in Turkey remains low - less than $1 billion annually. In
late 2000 and early 2001 a growing trade deficit and serious weaknesses
in the banking sector plunged the economy into crisis - forcing An