Jakarta Globe, February 22, 2011
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If participants at an investors’ conference held by Royal Bank of Scotland Plc had there way, it would be Turkey and not Indonesia to be the next country to join the BRIC group of emerging-markets economies, which includes Brazil, Russia, India and China.
In a vote by 100 conference participants, 35 percent of respondents favored Turkey, with 23 percent and 16 percent favoring Indonesian and Mexico respectively, according to an e-mailed summary of the results from RBS on Tuesday.
The respondents who favored Turkey cited “its strong growth and its geostrategic importance at the crossroads of Europe and Asia,” RBS said.
Turkey was also voted the country with the strongest credit-growth potential, with 41 percent of the vote, before Argentina, which received a 20 percent backing, RBS said.
Participants, however, voiced “concerns about Turkey’s large current account deficit and its vulnerability to high oil prices,” RBS said.
Some investors said in a debate that Turkey “could replace Russia, which was referred to as a ‘one trick pony’ commodity play by some participants,” according to RBS.
Bloomberg
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