LEADIN

Gold is the star attraction at the Istanbul Jewellery Show.

Jewellers say more people are buying it as a safe investment at a time of political and economic turmoil in Turkey.

STORYLINE

The most expensive piece at the Istanbul Jewellery Show dazzles under the show's lights.

This 12.5 kg ingot made of 24 carat gold by the Istanbul Gold Refinery is valued at 500,000 US Dollars.

Jewellers here say gold buying is on the up as people see it as a safe investment at a time of political and economic turmoil in Turkey.

It comes as recent terror attacks have damaged the value of the Turkish Lira and the wider jewellery sector, in a country which has long been the main exporter of jewellery in the Middle East.

Kaan Gozum, Sales Manager at Nadir Doviz, says he's noticed a huge spike in sales of gold bars especially:

"There is more or less 25 per cent of increase in selling gold, gold bars of 22 carats, as far as I know", he says.

It's no surprise visitors to the show are also drawn to this eye catching Trojan Horse, covered in 5 kilograms of gold and valued at 200,000 US Dollars.

"It (the Trojan horse) took 3 months to be finished by 8 to 10 workers", explains Izzet Yilmaz, Manufacture Manager of the Istanbul Gold Refinery.

In the jewellery hall, the star of the show is a ring called The Energy of Life and Love, by Zen Diamonds. It's valued at 275,000 US Dollars, the most expensive piece of jewellery at the exhibition.

"It has a 7 carat stone in the centre and about 200 stones, 200 diamonds on the sides. Here you can see, it is about one carat and it totals 8 carats", says Zen Diamonds Communications Manager, Sinem Aksoyler,

One of the more unusual pieces at the show is a 1.75 kg scarf made of gold by LIgora Gold, valued at 60,000 US Dollars.

But not all that glitters is gold in the world of Turkish jewellery.

Figures from the Turkish Jewellery Exporters Association show that exports showed a 7.4 per cent decrease in value in 2016 as foreign investors were made uneasy by terror attacks and political upheaval.

Ayhan Guner, Chairman of the Turkish Jewellery Exporters' Association, says turmoil in the country has also had an impact on the local market but not manufacturing:

"Local market has decreased by 30 per cent since last year. But manufacture hasn't been affected. Last year manufacture only decreased 8 to 9 per cent compared to the previous year. In terms of manufacture, the market hasn't been affected, so this year there has been an increase of 42 per cent. But regarding the local market, investors have been feeling uneasy for a little while".

In terms of trends that emerged from this year's exhibition Guner says the younger generation and their tastes are now the main focus:

"The new generation prefer to use casual products in their daily life. They don't use jewellery which would be worn at a wedding. Today everybody buys jewellery they can use in their daily life", he says.

The Istanbul Jewellery Show is a twice a year event which draws around 800 exhibitor brands from the Middle East, Europe and Asia. It's on until 19 March at Istanbul's CNR Expo.

Istanbul, Turkey - 16 March 2017

1. Close of two gold ingots by Istanbul Gold Refinery: (left) 24 carat gold ingot 12.5 kg (valued 500,000 US Dollars), (right) 24 carat gold ingot 1 kg (valued 40,000 US Dollars)

2. High angle of gold ingots

3. Mid of refinery worker pointing at gold ingots in glass case

4. Mid of gold ingots in display case

5. Wide of Nadir Doviz stand and Sales Manager Kaan Gozum meeting visitors

6. SOUNDBITE (English) Kaan Gozum, Sales Manager, Nadir Doviz:

"There is more or less 25 per cent of increase in selling gold, in gold bars and in 22 carats, as far as I know."

7. Wide of Trojan Horse by Istanbul Gold Refinery, covered in 5 kilograms of gold and valued at 200,000 US Dollars

8. Tilt down of Trojan Horse

9. Mid of Trojan Horse head

10. Close of Trojan Horse head

11. Wide of Trojan Horse

12. Wide of visitors having photos taken with Trojan Horse

13. SOUNDBITE (Turkish) Izzet Yilmaz, Manufacture Manager of Istanbul Gold Refinery

"It (the Trojan horse) took 3 months to be finished by 8 to 10 workers. It is covered by 5 kilograms of gold. Its price is approximately 200,000 US dollars."

14. Close of The Energy of Life and Love ring by Zen Diamonds, made of 200 diamonds (8 carats) and valued at 275,000 US Dollars

15. Mid of ring by Zen Diamonds

16. Hands holding up ring by Zen Diamonds

17. Mid of woman putting ring on finger

18. Close of ring

19. SOUNDBITE (English) Sinem Aksoyler, Zen Diamonds Communications Manager:

"It (the ring) has a name, and it is The Energy of Life and Love. It has a 7 carat stone in the centre and about 200 stones, 200 diamonds on the sides. Here you can see, it is about one carat and it totals 8 carats."

20. Various of visitors at Istanbul Jewellery Show

21. Mid of several jewellery pieces by Atasay Jewellery

22. Close of necklace by Atasay made of 83 carat diamonds and 18 carat gold, valued at 100,000 US Dollars

23. Close of hands holding necklace

24. Mid of hands holding necklace

25. SOUNDBITE (Turkish) Zuhal Ozcan, Marketing Manager of Atasay Jewellery:

"We have prepared a necklace as Atasay. It is decorated with 83 carat stones and 18 carat gold. We worked on this necklace for two months. During the process, we chose the whitest diamonds in order to enhance its brightness. Therefore we designed this necklace with the most special stones."

26. Low angle of Gold Scarf by Ligora Gold, made of 22 carat gold, weight 1,75 kg, valued at 60,000 US Dollars

27. Close of scarf

28. Mid of scarf

29. Wide of diamond sellers and customers at Lizay Jewellery

30. Mid of sellers and customers

31. Mid of hands showing ring by Lizay Jewellery, made of 2.50 carat diamonds, valued at 26,000 US Dollars

32. Close of ring

33. SOUNDBITE (English) Yeliz Serbes, owner of Lizay Jewellery:

"This is a five-stone diamond ring, it has all diamonds on it, it is almost 2.50 carats. It has H.B.S. (Antwerp brand), 2 diamond quality and its price is 26,000 (US) dollars."

34. Close up to necklace by Zen Diamonds made of green emerald and white diamonds valued at over 20,000 US Dollars

35. Mid of necklace

36. Mid of several sets of jewellery by Zen Diamonds

37. Mid of necklace by Zen Diamonds made of blue sapphire and white diamonds, valued at over 20,000 US Dollars

38. Close of necklace

39. Wide of Chairman of the Turkish Jewellery Exporters Association, Ayhan Guner meeting with visitors in a hall

40. SOUNDBITE (Turkish) Ayhan Guner, Chairman of the Turkish Jewellery Exporters Association:

"Local market has decreased by 30 per cent since last year. But manufacture hasn't been affected. Last year, manufacture only decreased 8 to 9 per cent compared to the previous year. In terms of manufacture, the market hasn't been affected, so this year there has been an increase of 42 per cent. But regarding the local market, investors have been feeling uneasy for a little while. I think we will get over these issues. I hope it keeps going this way. Terror is the worst thing in Turkey. We don't want terrorism anywhere in the world."

41. Wide of jewels on display at Zen Diamonds

42. Close of necklace by Zen Diamonds inspired by Ottoman design, made of 3 carat rose cut diamonds, valued at 8,000 US Dollars

43. SOUNDBITE (Turkish) Ayhan Guner, Chairman of the Turkish Jewellery Exporters Association:

"The new generation prefer to use casual products in their daily life. They don't use jewellery which would be worn at a wedding. Today everybody buys jewellery they can use in their daily life."

44. Various of female musicians

LEADIN

Gold is the star attraction at the Istanbul Jewellery Show.

Jewellers say more people are buying it as a safe investment at a time of political and economic turmoil in Turkey.

STORYLINE

The most expensive piece at the Istanbul Jewellery Show dazzles under the show's lights.

This 12.5 kg ingot made of 24 carat gold by the Istanbul Gold Refinery is valued at 500,000 US Dollars.

Jewellers here say gold buying is on the up as people see it as a safe investment at a time of political and economic turmoil in Turkey.

It comes as recent terror attacks have damaged the value of the Turkish Lira and the wider jewellery sector, in a country which has long been the main exporter of jewellery in the Middle East.

Kaan Gozum, Sales Manager at Nadir Doviz, says he's noticed a huge spike in sales of gold bars especially:

"There is more or less 25 per cent of increase in selling gold, gold bars of 22 carats, as far as I know", he says.

It's no surprise visitors to the show are also drawn to this eye catching Trojan Horse, covered in 5 kilograms of gold and valued at 200,000 US Dollars.

"It (the Trojan horse) took 3 months to be finished by 8 to 10 workers", explains Izzet Yilmaz, Manufacture Manager of the Istanbul Gold Refinery.

In the jewellery hall, the star of the show is a ring called The Energy of Life and Love, by Zen Diamonds. It's valued at 275,000 US Dollars, the most expensive piece of jewellery at the exhibition.

"It has a 7 carat stone in the centre and about 200 stones, 200 diamonds on the sides. Here you can see, it is about one carat and it totals 8 carats", says Zen Diamonds Communications Manager, Sinem Aksoyler,

One of the more unusual pieces at the show is a 1.75 kg scarf made of gold by LIgora Gold, valued at 60,000 US Dollars.

But not all that glitters is gold in the world of Turkish jewellery.

Figures from the Turkish Jewellery Exporters Association show that exports showed a 7.4 per cent decrease in value in 2016 as foreign investors were made uneasy by terror attacks and political upheaval.

Ayhan Guner, Chairman of the Turkish Jewellery Exporters' Association, says turmoil in the country has also had an impact on the local market but not manufacturing:

"Local market has decreased by 30 per cent since last year. But manufacture hasn't been affected. Last year manufacture only decreased 8 to 9 per cent compared to the previous year. In terms of manufacture, the market hasn't been affected, so this year there has been an increase of 42 per cent. But regarding the local market, investors have been feeling uneasy for a little while".

In terms of trends that emerged from this year's exhibition Guner says the younger generation and their tastes are now the main focus:

"The new generation prefer to use casual products in their daily life. They don't use jewellery which would be worn at a wedding. Today everybody buys jewellery they can use in their daily life", he says.

The Istanbul Jewellery Show is a twice a year event which draws around 800 exhibitor brands from the Middle East, Europe and Asia. It's on until 19 March at Istanbul's CNR Expo.

Istanbul, Turkey - 16 March 2017

1. Close of two gold ingots by Istanbul Gold Refinery: (left) 24 carat gold ingot 12.5 kg (valued 500,000 US Dollars), (right) 24 carat gold ingot 1 kg (valued 40,000 US Dollars)

2. High angle of gold ingots

3. Mid of refinery worker pointing at gold ingots in glass case

4. Mid of gold ingots in display case

5. Wide of Nadir Doviz stand and Sales Manager Kaan Gozum meeting visitors

6. SOUNDBITE (English) Kaan Gozum, Sales Manager, Nadir Doviz:

"There is more or less 25 per cent of increase in selling gold, in gold bars and in 22 carats, as far as I know."

7. Wide of Trojan Horse by Istanbul Gold Refinery, covered in 5 kilograms of gold and valued at 200,000 US Dollars

8. Tilt down of Trojan Horse

9. Mid of Trojan Horse head

10. Close of Trojan Horse head

11. Wide of Trojan Horse

12. Wide of visitors having photos taken with Trojan Horse

13. SOUNDBITE (Turkish) Izzet Yilmaz, Manufacture Manager of Istanbul Gold Refinery

"It (the Trojan horse) took 3 months to be finished by 8 to 10 workers. It is covered by 5 kilograms of gold. Its price is approximately 200,000 US dollars."

14. Close of The Energy of Life and Love ring by Zen Diamonds, made of 200 diamonds (8 carats) and valued at 275,000 US Dollars

15. Mid of ring by Zen Diamonds

16. Hands holding up ring by Zen Diamonds

17. Mid of woman putting ring on finger

18. Close of ring

19. SOUNDBITE (English) Sinem Aksoyler, Zen Diamonds Communications Manager:

"It (the ring) has a name, and it is The Energy of Life and Love. It has a 7 carat stone in the centre and about 200 stones, 200 diamonds on the sides. Here you can see, it is about one carat and it totals 8 carats."

20. Various of visitors at Istanbul Jewellery Show

21. Mid of several jewellery pieces by Atasay Jewellery

22. Close of necklace by Atasay made of 83 carat diamonds and 18 carat gold, valued at 100,000 US Dollars

23. Close of hands holding necklace

24. Mid of hands holding necklace

25. SOUNDBITE (Turkish) Zuhal Ozcan, Marketing Manager of Atasay Jewellery:

"We have prepared a necklace as Atasay. It is decorated with 83 carat stones and 18 carat gold. We worked on this necklace for two months. During the process, we chose the whitest diamonds in order to enhance its brightness. Therefore we designed this necklace with the most special stones."

26. Low angle of Gold Scarf by Ligora Gold, made of 22 carat gold, weight 1,75 kg, valued at 60,000 US Dollars

27. Close of scarf

28. Mid of scarf

29. Wide of diamond sellers and customers at Lizay Jewellery

30. Mid of sellers and customers

31. Mid of hands showing ring by Lizay Jewellery, made of 2.50 carat diamonds, valued at 26,000 US Dollars

32. Close of ring

33. SOUNDBITE (English) Yeliz Serbes, owner of Lizay Jewellery:

"This is a five-stone diamond ring, it has all diamonds on it, it is almost 2.50 carats. It has H.B.S. (Antwerp brand), 2 diamond quality and its price is 26,000 (US) dollars."

34. Close up to necklace by Zen Diamonds made of green emerald and white diamonds valued at over 20,000 US Dollars

35. Mid of necklace

36. Mid of several sets of jewellery by Zen Diamonds

37. Mid of necklace by Zen Diamonds made of blue sapphire and white diamonds, valued at over 20,000 US Dollars

38. Close of necklace

39. Wide of Chairman of the Turkish Jewellery Exporters Association, Ayhan Guner meeting with visitors in a hall

40. SOUNDBITE (Turkish) Ayhan Guner, Chairman of the Turkish Jewellery Exporters Association:

"Local market has decreased by 30 per cent since last year. But manufacture hasn't been affected. Last year, manufacture only decreased 8 to 9 per cent compared to the previous year. In terms of manufacture, the market hasn't been affected, so this year there has been an increase of 42 per cent. But regarding the local market, investors have been feeling uneasy for a little while. I think we will get over these issues. I hope it keeps going this way. Terror is the worst thing in Turkey. We don't want terrorism anywhere in the world."

41. Wide of jewels on display at Zen Diamonds

42. Close of necklace by Zen Diamonds inspired by Ottoman design, made of 3 carat rose cut diamonds, valued at 8,000 US Dollars

43. SOUNDBITE (Turkish) Ayhan Guner, Chairman of the Turkish Jewellery Exporters Association:

"The new generation prefer to use casual products in their daily life. They don't use jewellery which would be worn at a wedding. Today everybody buys jewellery they can use in their daily life."

44. Various of female musicians

Voters in Turkey have begun casting ballots in municipal elections that are seen as a barometer of President Recep Tayyip Erdogan's popularity amid a sharp economic downturn in the nation that straddles Europe and Asia.  

More than 57 million voters are electing mayors for not only 30 large cities, but also local representatives and neighbourhood or village administrators.

Some opinion polls suggest this time around President Erdogan's ruling party could lose some of Turkey's major cities.

Erdogan's past electoral successes have been mainly based on prosperity of the economy that currently faces a recession, rising food prices as well as high unemployment.

Erdogan has campaigned heavily for his party's candidates, declaring Turkey's economic woes "an attack" on the country and framing the elections on Sunday as matter of "national survival."

++CLIENTS NOTE - Turkish authorities have imposed reporting restrictions related to Sunday's elections. This applies from 1500 GMT on Saturday, March 30, through 1500 GMT on Sunday, March 31. The restrictions mean that ALL CONTENT RELATED TO THE ELECTIONS ARE NO ACCESS TURKEY until 1500 GMT on Sunday on all platforms and all media.

The restrictions allow that between 1500 GMT and 1800 GMT on Sunday only "news and announcements by the Supreme Election Council about the elections may be published" or broadcast.

The restrictions are lifted Sunday, March 31 at 1800 GMT, when all news and content related to the elections may be published after that time in Turkey. The Supreme Election Council might choose to lift restrictions before this time.

All customers who have a footprint in Turkey are advised to follow this guidance.++

ASSOCIATED PRESS - NO ACCESS TURKEY

Istanbul - 31 March 2019

1. Various of people voting

2. SOUNDBITE (Turkish) Yuce Karakus, 45, voter:

"I have not voted for change. I have voted for the Cumhur Alliance (Justice and Development Party's and Nationalist Movement Party's 'People's Alliance') as I think their more experienced staff is required to run major cities."

3. Mid of voting officials

4. Various of ballots

5. SOUNDBITE (Turkish) Tugay Aytekin, 52, voter:

"In a country that has experienced severe crisis like ours, voters need to be reflecting their preferences or complaints on ballots. I think since last August, policies that were undertaken were not very meaningful. And I think voters have caught up somehow with this and hopefully the reflex, the reply that is needed, will indeed somehow be reflected in the outcome."

6. Various of ballots

7. Various exteriors of school that is used as voting station

8. Traffic in street

SHOTLIST

1. Wide of Istanbul's Galata bridge with mosque in the background

2. Tilt down from mosque to bridge

3. Wide of Istanbul's Fatih District

4. Banner on street in favour of Foreign Minister Abdullah Gul's presidential candidacy

5. Mid of women wearing head scarves walking along road

6. Tilt up of man holding prayer beads walking along street

7. Wide of pedestrians

8. SOUNDBITE (Turkish): Nimet Eksioglu, Female vox pop:

"Whose republic are they saving from who? How many martyrs we gave for this country. If we have a war today I'll carry bullets on my shoulders to the military, I'll give my food to the military. So tell me whose country are they saving from who?"

9. Women wearing head scarves on the street

10. SOUNDBITE (Turkish): Hanife Uzum, Female vox pop:

" If someone whose wife is uncovered (by head scarf) can be president, than someone whose wife is covered can also be president. It is a democracy."

11. Statue of Mustafa Kemal Ataturk, founder of modern Turkey and Turkish flag

12. Wide of the Independence Statue

13. Young couple on the street

14. Pan across crowd in street

15. SOUNDBITE (Turkish): No name given, Female vox pop:

"He (Abdullah Gul) shouldn't be president. Turkey is a secular republic. He had better withdraw his candidacy."

16. Wide of pedestrians in Istiklal street

17. SOUNDBITE (Turkish): No name given, Male vox pop:

" We don't want, for sure, economic loss. But this issue (election of new president) is seen as more important that economy."

18. Pan from crowd to sign reading: (in English) "Change"

19. Wide of exchange office

20. Close-up of board displaying rates of exchange

21. Various of set-up of former chief of National Reserve, Gazi Ercel

22. SOUNDBITE (English): Gazi Ercel, former chief of National Reserve:

"In the early morning the markets was extremely angry, extreme tension, full stress of the market place. And some Stock Exchange market indices fell down for about eight percent. But in the noon time, the market has become calm and now the situation is going on in this direction."

23. Wide of trading floor at Istanbul Stock Exchange

24. SOUNDBITE (English): Gazi Ercel, former chief of National Reserve:

"I don't think the political party, including the ruling party AKP (Justice and Development Party) or (the) opposition party would not be in a position to increase the tension, stress in the system, because at this point of time, (the)stress is enough."

25. Mid of stock brokers

26. SOUNDBITE (English): Gazi Ercel, former chief of National Reserve:

"The responsibility is (inaudible), is going direct to the Government in order to take a decision as soon as possible in order to calm down the market place."

27. Wide of Istanbul Stock Exchange

STORYLINE

The Turkish stock market dropped on Monday, a day after hundreds of thousands of pro-secular demonstrators protested flooded central Istanbul on Sunday to demand the resignation of the government, which they fear is leading Turkey toward Islamic rule.

The financial fallout came amid calls for early general elections and fears that the armed forces will intervene in a dispute pitting Turkey's religiously oriented ruling party against the military-backed, secular establishment.

The pro-secular military's threat to intervene in a disputed presidential election could also damage Turkey's troubled efforts to join the European Union, which has urged the Muslim nation to reduce the political influence of the army.

The heart of the problem is a conflict over Turkey's national identity that has brewed since Mustafa Kemal Ataturk, an army officer in World War I, founded the secular republic after the collapse of the Ottoman Empire.

He gave the vote to women, restricted Islamic dress and replaced the Arabic script with the Roman alphabet.

The conflict burst wide open again last week, with the presidential election serving as a flashpoint for the frustration of secularists with what they view as a government willing to let Islam influence the workings of the state, including the education system.

The crisis unfolded on Friday when opposition lawmakers boycotted a first round of parliamentary voting for the government's presidential candidate, Foreign Minister Abdullah Gul, and appealed to the Constitutional Court to annul the process.

That night, in an ominous reminder of 1997, the military threatened to intervene in the presidential election and warned the government to curb Islamic influences.

Some pro-Islamist Istanbul residents on Monday expressed indignation at the situation.

"Whose republic are they saving from who? How many martyrs we gave for this country?" demanded one local woman.

"If we have a war today I'll carry bullets on my shoulders to the military, I'll give my food to the military. So tell me whose country are they saving from who?" she asked.

The candidacy of Gul, a close ally of Erdogan, triggered an outcry from secular groups that think he would use the office, a post with veto power over legislation, to chip away at the separation of state and religion.

At least 700-thousand pro-secular demonstrators took to the streets on Sunday.

Waving the country's red flag and singing nationalist songs, demonstrators in Istanbul called Erdogan a traitor.

Secularists are also uncomfortable with the idea of Gul's wife, Hayrunisa, being in the presidential palace because she wears the traditional Muslim head scarf.

Another local resident defended this saying:" If someone whose wife is uncovered (by head scarf) can be president, than someone whose wife is covered also can be president. It is a democracy."

But other pro-secular residents were insistent that Gul should not be president.

"Turkey is a secular republic. He had better withdraw his candidacy," said one woman to AP Television.

Others said the issue was more important even than the economic situation in the country.

The turmoil unsettled traders in Istanbul, where the benchmark index, the IMKB-100, was down 4.01 percent at 44,984.45 points by closing, after opening down 7.99 percent.

Turkey's currency, the lira, slid against foreign currencies and was trading at 1.36 against the US dollar, compared to Friday's close of 1.33.

"In the early morning the markets was extremely angry," said Gazi Ercel, former chief of National Reserve. "But in the noon time, the market has become calm and now the situation is going in this direction."

Turkey, a candidate for European Union membership, has been steadily recovering from a financial crisis in 2001, curbing inflation and pushing ahead with banking reform and other initiatives backed by the International Monetary Fund.

The country has huge foreign debt but is attractive to foreign investors.

Analysts said the markets will likely recover if the government defuses tension by agreeing to early elections for Parliament, a move that could appease critics and clear the way for more vigorous implementation of economic reforms once a new government is in place.

Late on Monday Prime Minister Recep Tayyip Erdogan appealed for stability and drew attention to his strong economic record in a national address.

Under the current government, Turkey has reined in inflation and implemented reforms backed by the EU.

Both Gul and Erdogan have pledged loyalty to Turkey's secular constitution, and cite their record as modernisers in implementing EU reforms.

Gul was expected to win the vote because in Turkey the president is picked by Parliament, which is dominated by his party.

But Turkey's Constitutional Court was evaluating an appeal by the pro-secular Republican People's Party to cancel the voting process.

The court was expected to announce its decision on Tuesday or Wednesday morning.

The current president, Ahmet Necdet Sezer, is a strong secularist seen as acting as a check on the government.

The tumbling Turkish lira has lost more than 20 percent of its value against the dollar since the start of the year, hurting many in Turkey.

The country's economic troubles have emerged as a key issue as Turkey heads into presidential and parliamentary elections next month.

The lira this week slid to a series of record lows amid a global currency sell-off and some concerns over President Recep Tayyip Erdogan's economic policies.

The drop forced the Turkish Central Bank to sharply raise its key lending rate on Wednesday to try and stem an outflow of capital from the country, control inflation and support the beleaguered currency.

At a market in Istanbul's Kasimpasa district, where Erdogan was raised, shoppers and stall owners said on Friday that they felt the pinch from the decline in the currency and double-digit inflation.

The rate increase came despite Erdogan's strong pressure on the Central Bank to keep rates low.

The move helped the currency regain some of its value, but economists fear the country may not be out of the woods just yet.

Erdogan opposes high interest rates which can support a currency and ease inflation but also hinder economic growth.

Analysts say Erdogan, who has been in office since 2003 as prime minister and president and is vying for a new 5-year term, called the elections more than a year earlier than scheduled before a potential economic and financial meltdown could end his rule.

It was not clear how much impact the volatility would have on the elections.

Erdogan has won successive elections on the strength of a vibrant economy in the past 15 years.

More recently though, he has adopted an increasingly authoritarian turn, cracking down on dissent and concentrating more power in his hands.

A state of emergency imposed following a 2016 failed military coup has allowed him to rule by decrees and has resulted in tens of thousands of arrests.

Critics say Erdogan needs to abandon authoritarian policies and carry out liberal reforms in order to bring stability to the economy.

Istanbul, Turkey - 25 May 2018

1. Various of farmer's market in Istanbul's Kasimpasa neighborhood; various of product prices

2. SOUNDBITE (Turkish) Medine Bilgen, Turkish voter:

"Every week the prices are different at the market. Not down, but up. Every week we come here it gets more difficult, more difficult. There's nothing we can do. We have no choice but to buy, and eat, we have to eat. But really, the prices change every week."

3. Various of olives

4. SOUNDBITE (Turkish) Medine Bilgen, Turkish voter:

"I have no hope for how the economy is going. I think it's going to get worse but my wish, during these holy days (referring to Ramadan) is for the economy to improve and for Turkey to be prosperous. But do I have hope? No."

5. Various of Ahmet Acik and vegetable stall

6. SOUNDBITE (Turkish) Ahmet Acik, vegetable seller and Turkish voter:

"For example, instead of spending 200 Turkish lira (23 US dollars) on gas, I spend 300 (lire - 63 US dollars). Of course it makes a difference. Plastic bags. A kilo of plastic bags is now 8,000 (lira - 1694 US dollars) We used to buy it for 4,000 (lira - 847 US dollars). It's now 8,000. Whether you want it to or not, (the lira's devaluation) it does affect us."

7. Wide of rice stand

8. Close of same, prices

9. SOUNDBITE (Turkish) Ahmet Acik, vegetable seller and Turkish voter:

"The elections will be the same as always. Hopelessness. I look at it with hopelessness. I have no expectations."

10. Various of billboard with exchange rates and President Erdogan's AK (Justice and Development) Party banners

11. SOUNDBITE (English) Ozlem Derici Sengul, economist:

"The volatility has not ended. And also the permission from the president (Erdogan; referring to central bank interest rates) still keeps the markets somewhat nervous. So the markets still expect a rate hike."

12. Cutaway hands

13. SOUNDBITE (English) Ozlem Derici Sengul, economist:

"The announcement (of snap elections) created market tension on top of business environment. That's why I think it will hurt some shares - shares of votes for the government. But I'm not sure how it will change the composition of the parliament or also change the president's re-election, under the new constitutional terms. It's a very close call."

14. Various of exchange bureau, foreign currency tickers

SHOTLIST

1. People fishing off Istanbul's Galata bridge

2. Boat on Istanbul's Golden Horn waterway

3. Wide of Golden Horn with boats

4. Participants inside World Economic Forum (WEF) venue reading papers

5. SOUNDBITE (English) Klaus Schwab, WEF Executive Chairman:

"We have had some ideas here that would be wrong to jump to conclusions. I think what we need now is a process, a process which will take a year or so integrating the best minds of politicians, business leaders and also experts to really look at what went wrong, where mistakes were made and so to come up with concrete steps, how we can restore sound sustained economic growth in the world."

6. Participants at breakfast meeting

7. SOUNDBITE (English) Rafael Ramirez, Oxford University Business School:

"Collaborations that were unthinkable in the past is the way out of it."

8. SOUNDBITE (English) Andrei Volkov, Moscow School of Management:

"How we can reach consensus - because different parts of the world have different agendas."

9. WEF meeting in plenary hall and session

10. SOUNDBITE (English) Sinan Ulgen, Centre for Economic and Foreign Policy Studies:

"Solutions were not easy to find and the main problem is whether what we've heard here among the policy elite if you will is going to be reflected in the political domain."

11. WEF meeting in plenary hall and session

12. SOUNDBITE (English) Ali Babacan, Turkish Foreign Minister:

"This economic crisis is very difficult for any individual country to handle by stand alone policies. There has to be a regional and international coordination and cooperation."

13. Wide shot of Istanbul's New Mosque

14. wide of Golden Horn waterway

STORYLINE

Cooperation, coordination and consensus are required to navigate through the global economic crisis - that was the verdict of delegates on Saturday, at the final day of the World Economic Forum (WEF) regional meeting in Turkey.

The organisation's founder Klaus Schwab says a "process" was needed over the next year to look at what went wrong with the world's economies and to come up with "concrete steps" to "restore sound, sustained economic growth".

His views were echoed by participants and Turkey's Foreign Minister Ali Babacan who called for countries to get together to cooperate and find a consensus solution to the crisis.

The WEF summit opened on Thursday with the aim of tackling the global economic downturn.

Organisers of the regional meeting hope it will shape solutions to the global economic crisis by forensically examining its causes.

The three-day meeting has also focused on tackling the global economic downturn and business opportunities that might arise from the crisis, Central Asia's role in the world and Turkey's position as a bridge among Europe, Asia and the Middle East.

SHOTLIST:

FILE: Istanbul - September 2008

1. Wide of Sultanahmet Camii (Blue Mosque) seen behind Topkapi Palace

2. Mid of cargo ship on Bosphorus

Istanbul - 30 October 2008

3. Mid of press conference panel

4. SOUNDBITE (English) Klaus Schwab, World Economic Forum founder and executive chairman:

"Of course no crisis has such a deep and overwhelming character as the crisis which we are facing now. But I think it is very important to see a crisis not as the end of everything."

5. Cutaway of reporter

6. SOUNDBITE (English) Klaus Schwab, World Economic Forum founder and executive chairman:

"At the moment we are still in a phase where we look, where we analyse the reasons for this crisis, where we look at possible solutions to mitigate the short-term negative impact, of the crisis. Then we have a second phase. The second phase will be a phase to look, to shape the post-crisis world. And this post-crisis world will be quite different from this world which we have seen before the crisis."

7. Mid of panel

8. Participants at forum

9. SOUNDBITE (English) Ben Welsh, group affairs director Aviva Plc, United Kingdom:

"The solutions will come from discussions like this, because there is no doubt for me that if we are to find a way out of this crisis, it needs collective action, collective discussion, and this is exactly the sort of place where that would happen."

10. Wide of delegates at registration desk

STORYLINE

The World Economic Forum opened a regional meeting in Turkey on Thursday that organisers hope will shape solutions to the global economic crisis by forensically examining its causes.

The three-day meeting, which ends on Saturday, will also focus on business opportunities that might arise from the crisis, energy and resources security, Central Asia's role in the world and Turkey's position as a bridge among Europe, Asia and the Middle East.

Afghan President Hamid Karzai and Pakistan's prime minister, Yousuf Raza Gilani, are among leaders expected to attend the Istanbul meeting of the forum, which is based in Geneva, Switzerland.

Turkey's prime minister, Recep Tayyip Erdogan, was scheduled to give a keynote speech late on Thursday.

Founder and chairman of the World Economic Forum said in his opening comments that he hoped delegates could come up a criteria to shape the

"post-crisis world".

Asian stock markets rallied on Thursday, led by a 12 percent jump in South Korea, after the US Federal Reserve slashed interest rates to help revive the world's largest economy and opened new credit lines with central banks.

However, analysts expect more bad economic news and market volatility.

Scores of people, many of them tourists, lined up outside luxury goods stores in Istanbul on Tuesday.

The decline in value of the Turkish Lira offers shoppers the advantage of purchasing luxury items at cheaper prices.

Among those waiting was Gulcan, an ethnic Turkish German national, who told The Associated Press she travels from Germany to Turkey to shop since her euros stretch further in Turkey.  

The Turkish lira has nosedived in value in the past week over concerns about Turkish President Recep Tayyip Erdogan's economic policies and after the US slapped sanctions on Turkey, angered by the continued detention of an American pastor.

The Turkish currency stabilized against the dollar after the country took measures to stem its rapid plunge.

The lira stood at around 6.55 per dollar on Tuesday a day after the central bank took action to free up cash for banks.

It hit a record low of 7.23 per dollar late on Sunday.

The state-run Anadolu Agency said the country's finance chief would address hundreds of foreign investors on Tuesday.

Istanbul, Aug. 14, 2018

1. Various of people, including tourists, in queue in front of a Louis Vuitton store

2. Various of billboards displaying exchange rates

3. SOUNDBITE (Turkish) Gulcan (no last name given), tourist from Germany:

"We made price comparisons on the internet, and since we make a profit by exchanging our euros here, we want to shop here."

4. Mid of queue

5. SOUNDBITE (Turkish) Gulcan (no last name given), tourist from Germany:

"You see the crowds. If there are any left I will buy myself a bag!"

6. Mid of queue

SHOTLIST

AP TELEVISION

1. People fishing off Istanbul's Galata bridge

2. Boat on Istanbul's Golden Horn waterway

3. Wide of Golden Horn with boats

4. Participants inside World Economic Forum (WEF) venue reading papers

5. SOUNDBITE (English) Klaus Schwab, WEF Executive Chairman:

"We have had some ideas here that would be wrong to jump to conclusions. I think what we need now is a process, a process which will take a year or so integrating the best minds of politicians, business leaders and also experts to really look at what went wrong, where mistakes were made and so to come up with concrete steps, how we can restore sound sustained economic growth in the world."

6. Participants at breakfast meeting

7. SOUNDBITE (English) Rafael Ramirez, Oxford University Business School:

"Collaborations that were unthinkable in the past is the way out of it."

8. SOUNDBITE (English) Andrei Volkov, Moscow School of Management:

"How we can reach consensus - because different parts of the world have different agendas."

9. WEF participants

10. SOUNDBITE (English) Sinan Ulgen, Centre for Economic and Foreign Policy Studies:

"Solutions were not easy to find and the main problem is whether what we've heard here among the policy elite if you will, is going to be reflected in the political domain."

11. WEF meeting in plenary hall and session

12. SOUNDBITE (English) Ali Babacan, Turkish Foreign Minister:

"This economic crisis is very difficult for any individual country to handle by stand alone policies. There has to be a regional and international coordination and cooperation."

POOL

13. Wide of closing session of the World Economic Forum

14. SOUNDBITE (English) Borge Brende, WEF Managing Director:

"A new world order is likely to emerge from the current economic crisis and that it is important that it is inclusive rather than exclusive and that it favours dialogue between nations in the region."

15. Wide of Brende at podium during closing session

16. SOUNDBITE (English) Borge Brende, WEF Managing Director:

"The two days were marked in my opinion by optimism and fighting spirit and confidence in the resilience and strong potential of a speedy recovery of emerging economies especially in this region."

17. Wide of audience applauding as Brende leaves podium

STORYLINE

Cooperation, coordination and consensus are required to navigate through the global economic crisis - that was the verdict of delegates on Saturday, at the final day of the World Economic Forum (WEF) regional meeting in Turkey.

The meeting ended with a call for Western nations and emerging markets to collaborate in an "inclusive" new world order to tackle the financial crisis.

In his closing address to business and political leaders, WEF managing director Borge Brende said he felt the meeting was marked by a fighting spirit which could lead a speedy economic recovery.

Earlier, the organisation's founder Klaus Schwab said a "process" was needed over the next year to look at what went wrong with the world's economies and to come up with "concrete steps" to "restore sound, sustained economic growth".

His views were echoed by other participants and Turkey's Foreign Minister Ali Babacan who called for countries to get together to cooperate and find a consensus solution to the crisis.

The WEF summit opened on Thursday with the aim of tackling the global economic downturn.

Organisers of the regional meeting hope it will shape solutions to the global economic crisis by forensically examining its causes.

The three-day meeting has also focused on business opportunities that might arise from the crisis, Central Asia's role in the world and Turkey's position as a bridge across Europe, Asia and the Middle East.

Sukru Gumus, one of millions of Turks grappling with the country's economic crisis, on Monday spoke about the way the country's economic crisis has affected his business.

The 35-year-old owns and operates a store that sells goods for brides-to-be.

He says the Turkish lira's devaluation against foreign currencies has affected his purchasing power of products from abroad.

The lira has nosedived over the past week and tumbled another 7 percent on Monday as the central bank's measures failed to restore investor confidence.

Gumus, who is from President Recep Tayyip Erdogan's neighbourhood of Kasimpasa, says he is forced to try and recoup his financial losses from the consumer resulting in a decrease in business.

Turkey's central bank announced a series of measures to free up cash for banks as the country struggles with the crisis sparked by concerns over Erdogan's economic policies and a trade and diplomatic dispute with the United States.

The currency hit a record low of 7.23 per dollar late on Sunday after Erdogan, in a series of speeches over the week, showed no sign of backing down in the standoff against the United States, a NATO ally.

Erdogan ruled out the possibility of higher interest rates, which economists say are needed to stabilize the currency.

And he threatened to seek new alliances and partners and warned of drastic measures if businesses withdraw foreign currency from banks.

The lira recovered some of its losses after Berat Albayrak, the country's finance chief - and Erdogan's son-in-law - said late Sunday that the government had readied an "action plan" to ease market concerns, without elaborating.

He also said the government had no plans to seize foreign currency deposits or convert deposits to the Turkish lira.

The lira has dropped some 45 percent this year.

The dispute with the U.S. has centred on the continued detention of an American pastor who is on trial for espionage and terror-related charges.

The U.S. has responded by slapping financial sanctions on two ministers and later doubled steel and aluminium tariffs on Turkey.

Istanbul - 13 August 2018

1. Various of shop owner Sukru Gumus entering prices on computer

2. SOUNDBITE (Turkish) Sukru Gumus, shop owner:

"Prices have changed, yes. Today I learned that a company (where he buys from) has increased its prices by 20 percent. During previous rate fluctuations we already had 15-20 percent increases. In this last currency fluctuation I learned that a pot and pan producer (whom he buys from) increased their prices by 20 percent, we just heard from him an hour ago. So yes it influences our prices directly, and on all our products."

3. Tilt up from Gumus' hands to his face

4. SOUNDBITE (Turkish) Sukru Gumus, shop owner:

"Most of the products we sell come from abroad, the raw materials. We have many products that come from abroad, too. It's sold in foreign currency, from Europe and America, that's why we are directly impacted in an extreme way."

5. Various of products

6. Gumu calculating prices

7. Products on display

8. Gumus arranging products

9. SOUNDBITE (Turkish) Sukru Gumus, shop owner: ++STARTS ON GUMUS ARRANGING PRODUCTS++

"If I were to give an example, we are forced to sell these teapots at 125 Turkish liras when they're only 100 Turkish lira with the latest price increases. Prices (of goods) have seriously gone up. Of course the consumer is affected."

10. Gumus going to his desk

11. SOUNDBITE (Turkish) Sukru Gumus, shop owner:

"I'm not following the markets too closely, I don't feel it's necessary. I look at the final result. I think we have to stay calm, to be cautious, we must not panic. We have to remain cool-headed and proceed with self control."

12. Exterior of shop

13. Gumus talking to customers outside shop, seen through window

14. Various of street

Recep Tayyip Erdogan, who was set on Monday to extend his rule and take on sweeping new powers afte Sunday's presidential and parliamentary elections, may be facing rough times ahead economically.  

Analysts predict an economic downturn amid rising inflation and a struggling currency.

Analyst, Ozlem Derici Sengul, said from a macro-economic point of view Turkey's economy had a number of "fragilities", including high interest rates and high inflation, that had to be addressed "as soon as possible."

Still, Turkey's currency, the lira, rallied on Monday over Erdogan's victory, which allows the country to avoid instability in the short-term.

In his victory speech, Erdogan said he would work toward achieving his goal of making Turkey one of the world's top 10 economies by 2023, when the Turkish Republic marks its centenary.

The Turkish leader is accused by critics of adopting increasingly authoritarian tactics but is loved by supporters for bringing prosperity and stability.

Istanbul - 25 June 2018

1. Various of stock exchange trading floor

2. Various of analyst Ozlem Derici Sengul looking at her mobile

3. SOUNDBITE (English) Ozlem Derici Sengul, economic analyst:

"Actually (Turkish President Recep Tayyip) Erdogan made a landslide victory. I think there is no surprise for the markets because almost everything was priced in, except for surprises like having the opposition gaining the majority or having (winning) the presidency. So I think there will not be any harsh reaction in the market. We saw some positive reaction in the exchange rate side but this is usual in every election, we see some positive mood, just after the day of the election. But then everything gets (back to) normal, this has been the case in this election as well."

4. Various of stock exchange trading floor

5. SOUNDBITE (English) Ozlem Derici Sengul, economic analyst:

"Actually there are lots of fragilities. When we look at the overall macro picture, inflation is high, exchange rate is high, interest rates are high, fiscal deficit it high, current account deficit is high. So when we look at the composition it's not a very comfortable composition from the investor's perspective. That's why they need to asses those fragilities as soon as possible."

6. Various of stock exchange trading floor

As Turks vote this Sunday for the second time in five months, the country's recent mild economic slowdown has become one of the election's key issues.

Once booming, Turkey's economy has been affected by the political uncertainly looming over the country since June when the incumbent prime minister's party, the AKP, lost the parliamentary majority it had enjoyed for 13 years and failed to secure any coalition government.

In recent months, the Turkish lira had plunged to new lows against the US Dollar.

More than 54 million people are eligible to vote in Turkey at more than 175,000 polling stations.

Turnout is expected to be high.

As Turks vote this Sunday for the second time in five months, the country's recent mild economic slowdown has become one of the election's key issues.

Once booming, Turkey's economy has been affected by the political uncertainly looming over the country since June when the incumbent prime minister's party, the AKP, lost the parliamentary majority it had enjoyed for 13 years and failed to secure any coalition government.

In recent months, the Turkish lira had plunged to new lows against the US Dollar.

More than 54 million people are eligible to vote in Turkey at more than 175,000 polling stations.

Turnout is expected to be high.

AP TELEVISION - NO ACCESS TURKEY

Istanbul, Turkey – 1 November 2015

1. Various of farmers' market with olives, fruit stands

2. Various of vegetable stand owner Recep Kizgin with beans

3. SOUNDBITE (Turkish) Recep Kizgin, 38 years old, vegetable stand owner:

"If there is a coalition, I don't think that two parties can work together in Turkey."

4. Various of woman buying eggs at market with shoppers and sellers

5. Various of people at market, fresh produce

6. SOUNDBITE (Turkish) Sami Çelik, 41 years old, teacher:

"If there is an AKP and CHP coalition or an AKP and HDP one, we will have a healthier economy, and we'll be able to take a deep breath finally."

7. Various of vegetable and fruits stands at market

SHOTLIST

1. Wide of closing session of the World Economic Forum (WEF)

2. SOUNDBITE (English) Borge Brende, WEF Managing Director:

"A new world order is likely to emerge from the current economic crisis and that it is important that it is inclusive rather than exclusive and that it favours dialogue between nations in the region."

3. Wide of Brende at podium during closing session

4. SOUNDBITE (English) Borge Brende, WEF Managing Director:

"The two days were marked in my opinion by optimism and fighting spirit and confidence in the resilience and strong potential of a speedy recovery of emerging economies especially in this region."

5. Wide of audience applauding as Brende leaves podium

STORYLINE

The World Economic Forum's regional meeting in Istanbul ended on Saturday with a call for Western nations and emerging markets to collaborate in an "inclusive" new world order to navigate out of the global financial crisis.

In his closing address to business and political leaders, WEF managing director Borge Brende said he felt the meeting was marked by a fighting spirit which could lead a speedy economic recovery.

The WEF summit which opened on Thursday, addressed a range of matters related to the global economic downturn, including the issue of energy and resources security and the need for peace and stability across the Middle East and Caucasus.

SHOTLIST:

++MUTE++

1. Wide of World Economic Forum regional meeting

2. Mid of panel on stage during meeting

3. Cutaway of cameras

4. SOUNDBITE: (English) Klaus Schwab, World Economic Forum founder and Executive Chairman: (++soundbite starts on a wide of audience, dissolves to Schwab++)

"If we want to restore sustained economic growth in the world, first the necessity to accept interdependence and interconnectedness as a defining characteristics of our global world. We have to work together on a regional, and on a global basis to ensure a better future."

5. Mid of Turkish Prime Minister Recep Tayyip Erdogan on stage

6. SOUNDBITE (Turkish) Recep Tayyip Erdogan, Prime Minister of Turkey:

"It is not possible for East and West to avoid changing the way they look at each other."

7. Wide pan of opening forum

8. SOUNDBITE (English) Yousuf Raza Gilani, Prime Minister of Pakistan:

"My two issues are, number one - law and order. Law and order means extremism and terrorism. What is the primary duty of a state? It's to protect the life and property of the people. When we fail to protect the life of the people, we lose our credibility and at the same time my economy is affected. And number two is my economy."

9. Mid of panel

10. Various of audience

STORYLINE:

Better global cooperation and a willingness to accept countries' "interdependence" on each other was suggested as part of the solution to the global economic meltdown, during a World Economic Forum (WEC) regional meeting in Turkey on Thursday.

WEC founder and executive chairman Klaus Schwab told delegates that nations must work together on a regional and global basis, if they wanted to restore sustained economic growth in the world.

Host, Turkish Prime Minister Recep Tayyip Erdogan echoed Schwab's comments, telling an audience of politicians, business leaders and economists that new thinking between East and West was needed to navigate out of the crisis.

The East and West could no longer "avoid changing the way they look at each other," Erdogan said.

But Pakistani Prime Minister Yousuf Raza Gilani warned that first, law and order must be established.

His comments referred in particular to the situation on the Pakistan-Afghan border.

The WEC summit opened on Thursday with the aim of tackling the global economic downturn.

Organisers of the regional meeting of the World Economic Forum hope it will shape solutions to the global economic crisis by forensically examining its causes.

The three-day meeting, which ends on Saturday, will also focus on business opportunities that might arise from the crisis, energy and resources security, Central Asia's role in the world and Turkey's position as a bridge among Europe, Asia and the Middle East.

SHOTLIST:

1. Various of rows of fabric hanging in warehouse

2. Mid of Kumash fabrics employee operating quality control machine

3. Close-up of employee's hand checking fabric as it rolls

4. Mid of Turkay Gunduz, partner at Kumash Fabrics, being approached by female employee who hands him a piece of fabric

5. Close-up of Gunduz examining fabric

6. SOUNDBITE: (Turkish) Turkay Gunduz, partner, Kumash Fabrics:

"We've seen a steady increase. Last year we exported 1.6 millions (m) euros worth of goods. This year it looks like it'll be 1.8, 1.9 million (m) euros. Next year, we hope to break the 2 million (m) euro mark. Slowly but surely, little by little, always building on the previous year, we hope to continue to grow."

7. Various of employee examining fabric with magnifying glass

8. Various of swatches with labels reading "Kumash"

9. SOUNDBITE (Turkish) Turkay Gunduz, partner, Kumash Fabrics:

"This sector is very labour intensive and those expenses are in Turkish Lira. So when the Lira is low and your income is in foreign currency, the higher it is, the more revenue you have because of the difference in exchange rates. This adds to your bottom line and creates a lower price point which then helps you grow your business."

10. Wide exterior of exchange bureau

11. Close-up of exchange rates panel - Lira against US Dollars and Euro

12. Mid of exchange bureau worker counting money

13. Close up of his hands flipping through US Dollars

14. Wide of economist Cevdet Akcay at his computer

15. Close up of Akcay's hand on mouse

16. SOUNDBITE: (English) Cevdet Akcay, chief economist at Yapi Kredi investments:

"It's good to have large domestic markets because you can rely on your large domestic market for economic activity purposes, rejuvenation of economic activity. Secondly, you have to have a healthy banking sector; and thirdly your debt dynamics has to be in place. And fourthly, your banking sector has to be well capitalised and profitable. Now all these factors actually do exist in Turkey in a big, big way."

17. Various of a store full of people shopping for clothes

18. SOUNDBITE: (English) Cevdet Akcay, chief economist at Yapi Kredi investments:

"When the funding comes and you grow after a certain time period - say 10, 12 years, etc, provided you use these funds efficiently and effectively and have gotten rich, your savings problem starts to go away. When your savings problem starts to go away so does your current account deficit problem."

19. Mid of Kumash owner Turkay Gunduz talking to an employee about fabrics

20. Close-up of Gunduz's hand reaching for a piece of fabric

21. Mid of Kumash employee taping large roll of fabric for shipping

22. Wide of employee placing large roll of fabric next to others ready for shipping

23. Various of rolls of fabric in warehouse

STORYLINE:

When Turkay Gunduz started selling fabrics, he didn't expect that in less than ten years he'd be running a 7.5 (m) million US dollar textile export business.

He and his wife started working out of a small room in 2002 and now he's one of three partners at Kumash Fabrics, a Turkish company that employs 16 people working in a state-of-the-art office.

While Europe and the US are grappling with an economic downturn, Turkey seems to be bucking the trend.

Gunduz' business is thriving, growing at an average of 12 percent a year. He credits good customer relations and a risk-averse, "slow but steady" attitude for his success.

"Last year we exported 1.6 million (m) euros worth of goods. This year it looks like it'll be 1.8, 1.9 million (m) euros," he said.

Gunduz's company is one of thousands basking in Turkey's fledgling economic prowess.

Currently hosting the Standing Committee for Economic and Commercial Cooperation (COMCEC) of the Organisation of Islamic Cooperation (OIC) conference on trade and tourism, Turkey boasts healthy credentials: its economy grew 7.5 percent this year and ranks 16th in the world.

GDP is valued at some 800 billion (b) US dollars and per capita income has quadrupled in nine years to 10,000 US dollars.

Inflation is down and unemployment is half of that of some European countries.

Despite the notable progress, the mostly Muslim country made international headlines when the Turkish Lira dove to a historic new low.

It hit 1.9 against the US dollar in early October after a decline of 9 percent since August, a drop some analysts fear may cause inflation.

But having one of the world's worst-performing currencies has had an arguably positive effect - it's proving to be a benefit for Turkey's exporters like Gunduz.

According to the latest figures by the Turkish Exporters Assembly (TIM), exports alone reached nearly 100 billon (b) US dollars in the first nine months of 2011.

"When the Lira is low and your income is in foreign currency, the higher it is, the more revenue you have because of the difference in exchange rates. This adds to your bottom line and creates a lower price point which then helps you grow your business," Gunduz said.

Most of Gunduz's clients are in the European Union, mainly Germany, Holland and Denmark but he also exports all the way to Colombia and the United States.

Surprisingly, he says the eurozone crisis has had minimal effect on his business.

The question remains: how has the country of 74 million (m) managed to do so relatively well amid the economic doldrums of its neighbours?

Yapi Kredi Bank's Chief Economist Cevdet Akcay owes the state of Turkey's well performing economy to several factors, including a large domestic market, and a healthy banking sector.

Provided there's proper fiscal management, Akcay says the Turkish economy is quite safe even when faced with the worst case scenario - a global economic meltdown.

Akcay dismisses any talk of recession, likening it to a car cruising at full throttle: you can't go from speeding ahead to reverse without slowing down, which he expects the Turkish economy to do in the next year down to about 4 percent.

The IMF, however, has forecast growth of just 2.5 percent.

His concerns are related to Turkey's current account deficit - the gap between total savings and the private sector's investment expenditures.

The Turkish government is struggling to cope with the current account deficit, mainly due to a trade deficit, that is expected to reach 9.4 percent of gross domestic product this year before declining to 8 percent of GDP next year.

The Turkish government claims the deficit is largely a result of its foreign energy dependence - imports alone could reach 45 billion (b) US dollars this year.

Turkey's finance minister says recent increases in tax on goods from alcohol to motor vehicles are designed to slow the pace of foreign imports.

Textile exporter Turkay Gunduz, meanwhile, is banking on continued stability in his country.

His business is set to break the 2 million (m) euro mark in exports next year.