Restoring relations with Russia, depreciation of the TL and moderate oil prices are positive signs for the current account balance.
election results, Trump’s relationships with the EU, Russia and Iran are also likely to produce complicated economic effects for Turkey in positive or negative ways.
Despite being a NATO member, Turkey has self-consciously avoided playing the counterbalancing strategic actor in the region vis-à-vis Russia and has kept policy cooperation with each and every state in the region in neat and self-contained “boxes.
Although Turkey's entry into Syria can be a sign of increasing cooperation between all players in the Syrian battle – which gives more hope for positive results – it is impossible to predict how long this cooperation will last, especially at the level of the relationships between the US, Turkey, Russia and Iran.
Professor Aktürk extensively analyzed the growing political and military influence of Russia in the Caucasus, Ukraine, and the Middle East, the Western inaction to this and Turkey’s efforts to multiply its policy options in the region.
Russia, Brazil, Iran, Saudi Arabia, China, Pakistan, and France are among the many middle or great powers with which Turkey has established amicable relations, at least for a limited time (in the case of Russia and Iran), under AK Party governments since 2002.
While economic growth is slowing down in some developing countries such as China, Turkey, and Mexico, some other developing countries such as Russia and Brazil are suffering from a recession.
The nuclear deal reached between Iran and the P5+1 countries which consists of US, Russia, China, Britain, France and Germany and the consequent lifting of longstanding and burdensome sanctions on the former came shortly before the elections for which the Rouhani government was given credit.