Business leaders in Turkey more confident in economy than many European counterparts

ISTANBUL (A.A) - January 30, 2012 - Business leaders in Turkey are more confident in the prospects of country's economy within the next 12 months than their European counterparts were in their domestic economies, results of a survey have shown. Turkey ranked 19th with 20 points among 40 countries according to Grant Thornton's Global Business Optimism Index for the fourth quarter of 2011. Turkey placed higher on the list than many European countries such as Denmark, Switzerland, Sweden, Italy and France as well as the United States. Turkish business leaders however are less confident than their counterparts in countries like Brazil, United Arab Emirates, China and Argentine.   The index in European Union countries as a group fell to minus 17 from 0 in the third quarter in 2011 whereas the index went down as low as minus 46 in France and minus 54 in Spain.  Murat Uluat from Grant Thornton Turkey said confidence crisis in Europe was deep and threatened global economy as well as hindering growth expectations. Uluat said the survey results for Turkey had estimated a major increase in R&D investments, which he said would be followed by rise in profitability and new machinery investments.