Disclosure of the exit strategy by FED Chairman Ben Bernanke in May 2013 triggered a new period marked by a change in the risk perception towards developing economies in financial markets. Turkey entered this period with a high current accounts deficit, a production sector substantially dependent on imports and three successive elections.
The high level of forex debt burden and the import dependence make the corporate sector vulnerable to volatility in exchange rates and slowdown in domestic demand. In 2014, companies were able to
resist to the sharp depreciation of the lira at the beginning of the year by sacrificing partly their profits.
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