How the fall in oil prices will benefit Turkey

Comments from Turkey’s Finance Minister, Mehmet Simsek, that the sharp fall in oil prices will remove the economy’s status as one of the most fragile in the emerging world have some basis. The current account deficit is likely to narrow, and both consumers and the government stand to gain. As a result, we have nudged up our 2015 GDP growth forecast. But lower oil prices won’t solve the multitude of other vulnerabilities in the economy.