Turkish Parliament approves austerity budget for 2011

"Turkey is the country which emerged from the global economic crisis the fastest and its growth is exemplary," he said before Parliament voted on the budget, which provides for a deficit of about €16.5 billion. Revenues were pegged at €104. Turkey's fiscal year begins in January. Economic success is vital for Prime Minister Recep Tayyip Erdogan ahead of general elections next year, in which his Islamist-rooted, business-friendly Justice and Development Party will seek a third straight term in power. Turkey's recovery from the global crisis began in the last quarter of 2009, with Gross Domestic Product increasing six per cent after a contraction cycle of four quarters that caused the economy to slump 4.7 per cent last year. The country, home to about 73 million, is the 17th-largest economy in the world and boasts one of the highest global growth rates.