Business Development and Economic Governance in Southeastern Europe

The strict austerity policy that was imposed on Greece by the Tripartite Support Mechanism (EC, ECB, and IMF) had unforeseen and unprecedented macroeconomic and social effects. There can be no doubt that the fiscal stability programme was originally designed to facilitate the overall improvement of the Greek economy’s macroeconomic situation, emphasising on the stabilisation of budget deficits and the containment of public debt as necessary conditions for both Greece’s return to capital markets and restarting economic growth in the country. Ten years later, the question is to what extent the macroeconomic targets of reducing the public debt and the budget deficit, as well as the ultimate goal of achieving economic growth, have been realised (or not)? This paper is an attempt to systematically document the course of Greek Political Economy during 2010–2019. More specifically, this paper discusses macroeconomic aggregates (economic growth, public debt, public deficit, unemployment, employment, and the labour force) with the ultimate goal of evaluating the economic policies of the Tripartite Support Mechanism. The study of macroeconomic indicators shows that, ten years after the programme’s implementation, the overall macroeconomic situation of the Greek economy has not improved (with the exception of the public deficit), while key indicators (such as the public debt and economic growth) have worsened, further aggravating labour market conditions, and as a result the Greek economy is in a much worse macroeconomic position as compared to May 2010.

Social capital has declined in both developments and in other developing economies, while income inequality has tended to increase. Recent studies show the correlation between social capital and income inequalities, while few studies analyse the direction of causality at a macro level. This paper aims to investigate the causal relationship between generalised trust, as well as income inequalities in 23 economies belonging to the Organisation for Economic Cooperation and Development (OECD) from 2000 to 2019. In this study, we use the application of a fully modified least squares model (FMOLS) and the canonical correlation regression estimator (CCR). In addition, the unit root and cointegration test is applied before applying the Granger causality test. The findings show that there is a bidirectional relationship between social capital and income inequality.

In the last decade, corporate reporting has undergone a radical transformation, adding sustainability reporting to traditional financial reporting. The Barnier Directive (2014/95/EU) introduced into European law the obligation for large public-interest entities to prepare and publish a non-financial statement. This document must contain information relating to the environment, the social sphere, employee matters, respect for human rights, and the fight against active and passive corruption, aimed at ensuring an understanding of the company’s activities, performance, results, and impact. Indeed, to date, managers consider it necessary to adopt a holistic approach, considering both financial and non-financial aspects, to ensure the protection of the creation of corporate value. On April 2021, the European Commission adopted a proposal of Corporate Sustainability Reporting Directive (CSRD) aiming at improving sustainability reporting in order to contribute to the transition towards a fully sustainable and inclusive economic and financial system. In this context, the topic of sustainability reporting has become relevant for companies. This paper reviews the main frameworks and standards developed by international standards available to companies, investigating the level of adoption by a sample of European listed companies.

In the last years with the affirmation of the Theory of Change (ToC—Connel and Kunisch in New approaches to evaluating community initiatives 2:1–16, Connell and Kubisch, New Approaches to Evaluating Community Initiatives 2:1–16, 1998), a lot of tools for the evaluation of projects having social relevance have been developed. The need to measure their impact has led to leave the use of traditional qualitative measurement instruments joints for quantitative tools, which calculate the effectiveness of the resources employed and the generated impact by social projects (Anderson in The community builder's approach to Theory of Change, Anderson, A.A., (2006). The community builder's approach to Theory of Change.). Among them, recently it is paid attention on the Social Return on Investment (SROI—Lingane and Olsen in California management review 46:116–135, Lingane and Olsen, California Management Review 46:116–135, 2004), a model to account for created value. It includes not only the return of investments but also the benefits for the broader public in the social, economic and environmental spheres. The research aim is to verify and calculate SROI as a valid tool to measure the impact generated by social projects in transitional countries, especially those of health international cooperation. Indeed, the economic quantification of the SROI rate appears as an important element to improve reporting and accountability both to the lender, the gesture and the users. The case study has been identified as appropriate methodology for conducting this research (Yin 2003; Eisenhardt in Academy of Management Review 14:532–550, Eisenhardt, Academy of Management Review 14:532–550, 1989). The project ‘Introducing Health Information System (IHIS): a modern approach to transparency and accountability in the Albanian public health’ conducted by the Tuscany Region resulted relevant for the involvement of different actors and its action in a transition country as Albania. This project was realized from 2014 to 2016 using financing from IADSA (Italian Albanian Debt for Development Swap Agreement) to support the Albanian government in the NHS technological and accountant development. Now it’s possible to adequately observe the generated impact 5 years after the conclusion of IHIS project. The necessary data for the calculation of SROI was collected by desk analysis of project's documents and reports and the conduction of interviews and focus groups to a specimen of involved stakeholders. Results show the good capability of SROI to quantitatively evaluate the impact produced by a health international cooperation project, also if complex and articulated as that studied. In particular, the SROI rate of this project is 9.4, an optimal rate (for 1.00€ invested, the project generated an economic impact of 9.40€). Therefore, it is demonstrated the optimal use of the allocated resources obtaining a strong effective impact in the Albanian health care system and on the network of involved stakeholders. Another important aspect is the reinforcement of results dissemination in the society, for the simplicity and easy comprehension of the SROI rate and the internal restitution promoted by SROI analysis. So SROI proves as a good instrument both to measure and to share the economic value of generated impact.

More than a decade has passed since the outbreak of deficit crisis in Greece, and the question that arose was whether Greek economy was stabilised—at least until the COVID-19 pandemic. On the other hand, economic prospects in Europe are related—up to a point—to next steps in European integration, especially those dealing with the transformation of Monetary Union (MU) into a real Economic and Monetary Union (EMU). This correlation may be crucial for ‘peripheral’ Eurozone member states. For the purposes of the article, the operation of Monetary Union and its implications for less competitive Eurozone member states, including Greece, is examined. In this analysis impact of fiscal and pandemic crises on economy is also taken into account. The article examines initiatives and proposals for making the MU resembling more to EMU under the pressure of recent crises, concluding that a potential evolution of existing architecture of the Eurozone seems to be necessary, in order to avoid similar asymmetric shocks and crises in the future.

This paper examines the impact MNEs exert on the corruption level of emerging economies. The research employs the institutional entrepreneurship theory. It is hypothesized that, in emerging economies, MNEs presence reduces the level of corruption. Furthermore, it is hypothesized that the faster the rate of increase of the number of MNEs in the country, the faster the increase of pervasive corruption level. The sample consists of seventeen emerging economies. The period of analysis extends from 2012 to 2019. The fix effect model has been applied to the panel dataset to test the model hypotheses. Results indicate that MNEs presence reduces the level of corruption in the said host emerging economies. On the contrary, the hypothesis that the higher the rate of increase of the number of MNEs in the host emerging economies, the higher the level of pervasive corruption in such economies is not supported.

Innovators are more likely to ensure strong foundations for economic growth and contribute positively to employment. Yet, one of the important innovation inputs is the continuous upgrading of the innovating enterprise human capital. Innovative firms are more likely to report having problems finding adequate skills on the job market. Previous studies have established that innovative firms require a workforce with modern, higher-order skills, that are frequently unavailable on the local labour market. This leads to more specific training requirements for the innovating firms. Based on the most recent The World Bank Enterprise Survey dataset, the paper explores different aspects of inadequate human capital on innovation propensity in post-transition societies. Specifically, the impact of the inadequately educated workers, provision of on-the-job training and the share of high-skill workers on firm innovation propensity are analysed. In addition to firm characteristics, the paper explores aspects of the managers’ human capital, such as years of experience and gender of the top manager. Analysis confirms differences between innovating and non-innovating firms and differences between countries belonging to the Central and South-European region compared to the Commonwealth of Independent States region.

Conflicts are one of the most difficult problems healthcare executives have to deal with, while education on their effective management is of the utmost importance. They can be observed among the personnel of the same or a different service, either to peers or superiors, to the patients and their family environment, as well as the doctors of the institution. A hospital, being a complex organization, with heterogeneity in the skills, tasks or responsibilities of the workforce, often manages such conflicts through communication skills the administrative personnel acquires. The purpose of this study is to investigate the causes and effects of conflicts among nurses’ working relations as well as their interaction with other healthcare professionals in Greek Hospitals. An effort is made to compare the sample between the public service and the private sector and to explore the effectiveness of how nurses manage conflicts. In contrast to other studies, public and private sector hospital employees appear to have a similar stance toward conflicts and the ways to overcome the stress they cause. To resolve them, they mainly use a consensual style of solving while avoiding conflict at work.

Two approaches to model-driven statistical arbitrage in the most liquid equities tradable on the NYSE and NASDAQ are studied in the article. Cointegration and PCA analysis were used in the research. In both strategies, we are developing contrarian trading signals, which then are back-tested through period of 2016–2020 with 4-h frequency and 2019–2020 with 1-h frequency data. Back-testing of the strategies through growing market of 2016–2019, and global sell-off at beginning of 2020 is the main contribution of the research. Both strategies demonstrated consistent returns, with lower than the broad market drawdowns. While Sharpe ratio of the strategies may be considered quite low at 0.49 for PCA-based approach, it outperformed both long- and short-only proxies. Lower than broad market downturn through sell-off period, and consistent median returns for both strategies were observed.

This research focused on establishing the relationship between entrepreneurship education and business growth. Young entrepreneurs in a Greek township of Kozani were engaged to establish whether skills acquired through entrepreneurship education are essential in driving business growth. A self-administered questionnaire was utilized to collect data from a sample of 150 young entrepreneurs. Results confirmed that entrepreneurship education equips the youth with necessary skills to innovative new business ideas and achieve desired business growth. The results further revealed entrepreneurship education doubles is a viable method for the growth of competent entrepreneurs in different countries across the world. The study recommended that townships should consider having a more personalized training and development plan strategy to enhance entrepreneurship education in Greece thereby achieving business growth for different startups.

This study is aimed to analyze the economic development processes in the Balkan and Eastern European economies concerning convergence problem. It is shown that both during the transitive period and after the global economic crisis these countries failed to substantially improve their economic situation under criterion of GDP per capita in comparison with developed countries. This paper presents analysis that demonstrates importance to engage methodological approaches based on J. Schumpeter’s theory of economic development, where innovations play a crucial role in solving convergence challenges. The main feature of Schumpeter’s theory of innovations in this context is their ability to independently create added value in the economic system of the country, that is, to act as a separate factor of economic growth. Significances of such theoretical vision to build the effective economic policy in the Balkan and Eastern European countries are demonstrated by the main publications on the processes of market transformation of post-socialist countries, when in many cases ignore innovations as separate important factor of successful economic growth. Experts and politicians of these countries mostly oriented on the neoclassical recipes. Focusing on economic policies to modernize productions that operate in traditional competitive markets is ultimately hampering the creation of a new value added. A permanent increase of this one may be only achieved by innovation activities. This methodological vision is important in identifying the current economic problems of the Balkan and Eastern European countries, as well as can propose answers the question how a low and middle-income countries can significantly increase the value of their national product and makes narrow the gap in GDP per capita against developed countries.

Social Cooperative Enterprises (SCEs) in Greece are legal entities under private law. They operate on the basis of the relevant provisions of the Law 4430/2016 as in force. The main objectives of SCEs are the socioeconomic inclusion; the re-integration in terms of employment, and the overall social impact of their activities. This article attempts to proceed with the ex-ante evaluation of the operation of a newly established SCE in North Greece and risk assessment to sets of basic parameters that alter negatively, compared to a ‘classical form’ of privately-owned enterprise, of the same type of business. In order to do so, nine (9) basic parameters of control have been selected, to evaluate the resilience of an SCE and juxtapose it with the respective resilience of ‘classical form’ private enterprise. Those parameters were organised in three (3) sets and three (3) different simulations within a period of five (5) years ahead were performed, for negative shift of each set, in order to finally estimate the sustainability risks—resilience, as well as financial income and social impact. Conclusions of simulations as the ones illustrated in this article are of high importance for prospective social entrepreneurs, as they raise awareness of risks, helping them to be better prepared in case those risks become reality.

Innovation enhances corporate value and offers the underlying company a new competitive advantage, strategic and financial benefits and potential for survival and future growth. As a proxy for innovation, we use the expenditures in research and development (R&D) and the intangible assets of the company following the relevant literature. This paper focuses on the European markets. The objective of the paper is to investigate first whether R&D expenditures and intangible assets affect the value of the underlying company and if they do so, in what way and second whether they affect the performance of the company. Our sample consists of the companies in the information technology (IT) industry in Europe, the most innovative industry. We apply several regression models to test our hypotheses. Our results indicated a positive relation between the innovative investments as proxied by the research and development expenses and the intangible assets with the firm’s value. However, regarding the company performance as measured by the ROA and ROE, our results rejected our hypothesis since we found a negative relation between the innovation variables and the profitability ratios as performance variables.

This paper focuses on the analyses of financial obstacles facing small and medium enterprises in Albania. Using data from 2019 Enterprise Surveys (ES) we try to give answers to questions related to financial patterns that characterise Albanian enterprises. The survey was a shared project of the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB), and the World Bank Group (WBG), the data are collected in Albania between January and May 2019. The objective of the survey is to better understand firms experience in the private sector. Collected data are based on firms’ experiences and perception of the environment in which they operate. The data are stratified in three levels for Albania: industry, enterprise size, and region. The stratification according to the industry was completed as follows: Manufacturing—combining all the relevant activities, Retail, and Other Services. Moreover, 2019 Albanian ES was based on the following size stratification: small (5–19 employees), medium (20–99 employees), and large (100 or more employees). Regional stratification was done across three regions: Northern Albania comprising Dibër, Durrës, Kukës, Lezhë, Shkodër, Central Albania comprising Tirana and Elbasan, and Southern Albania comprising Berat, Fier, Gjirokastër, Korçë, and Vlorë. To analyse financial obstacles and factors affecting on them we estimate the Ordered Probit model where the dependent variable corresponds to the survey question: “How much of an obstacle: access to finance?”. Whilst the vector of independent variables is composed by enterprise characteristics such as firm size, ownership structure, legal status, region, etc. Moreover, dummy variables are used to capture firm’s technological capability, and gender ownership. Empirical results show that financial obstacles tend to be more significant for smaller enterprises, operating not in the central area of the country, and female ownership means more challenges in the financial markets. Additionally, lack of financial challenges has a steadily constructive impact on the productivity of SME-s.

The basic concept of dynamic pricing (DP) has been around for a long time (e.g., gas station prices). To maximize profit, it is now commonly known as an algorithm-based automatic price adjustment tool on eCommerce platforms (e.g., flight tickets or hotel prices). DP is based on time or demand through the invention and implementation of the electronic shelf label (ESL) technology in stationary retail. It creates new opportunities for the physical contribution channel. This potential is also the focus of this study by precisely dealing with the recognition and impact of DP with ESL technology on consumers’ purchasing decisions in stationary grocery stores. Our literature review includes current research on DP, ESL technology, price behavior, and price fairness. According to the first review, no single experiment on ESLs combined with DP in stationary grocery stores, and only a few general studies on ESLs exist. Thus, an experimental design is proposed to research customers’ post-purchase reaction/acceptance of ESLs in stationary grocery stores and customers’ recognition and perception (perceived price fairness) of DP adjustment strategies. Participants purchase twice an ethnically defined shopping cart in a supermarket by applying ESLs, whereby the second time, the prices of several products from the shopping list are slightly increased. The goal of the between-participants post-test-only control-group experiment design is to identify the technology's potential for stationary grocery stores. Equity theory deals with price fairness and is used as the primary consumer behavior model for price adjustments. The results depict a design for experimental research on DP with ESL technology. The system should function as a pre-study and discussion base for further research on this topic. A draft of the experimental setting (instruction sheets, evaluation plan, digitally designed survey) is already provided as a basis for further improvements. With the proposed execution plan, third parties can further test the experiment on feasibility and applicability in the described experimental setting by using technology (virtual reality, augmented reality) or on different industries or other groups.

In September of 2014, ECB decides the beginning of the first Quantitative Easing (QE) programme called Asset-Backed Securities Purchase (ABSPP) and Covered Bond Purchase Programme (CBPP), in order to face the financial crisis. Next programme was the Public Sector Purchase Programme (PSPP) on 9 March 2015. Finally, on 18 March 2020, the ECB started the third programme called Pandemic Emergency Purchase Programme (PEPP). The goal of this study is to explore the impact of QE programmes on the stock market of Athens, considering the fact that Greece was the only European country to participate only in the third programme. Using daily data from 1/9/2014 to 22/1/2021, 3 GARCH(1,1) models with dummy variables are constructed to incorporate different QE programmes. In addition, 10-year bond, gold, and DAX are used in order to isolate systematic international factors. The empirical results show that the first QE programme has decreased the stock prices, the findings of the second QE programme aren’t statistically important, while the third programme has a positive effect on the stock market. The paper concludes that Greek participation on the QE programme played an important role in the stock market and suggests that other researchers investigate the methods in which Greece can utilize the positive climate after the end of PEPP.

Electronic commerce (e-commerce) has shown to be a critical driver of economic development and has the ability to boost efficiency and productivity in many countries. In the last years, e-commerce has seen rapid growth, especially during the pandemic of COVID-19. Specifically, Greece saw an increase in the number of Internet users who made online purchases and the total revenues of e-commerce transactions. Despite this growth, Greece still has a slow pace of digital transformation compared to other countries of the European Union. The purpose of this paper was to discuss the future of e-commerce in Greece and investigate the factors of the external macro-environment that can be an opportunity or a threat to Greek e-tailing. PEST analysis was used to examine the political, economic, sociocultural and technological factors that are related to the digital transformation of Greek retail stores. The analysis showed that the e-tailing industry is facing significant threats, but at the same time, it can take advantage of the opportunities created by the external environment. Although there is a trend towards the digital transition of retailing, the state should support both entrepreneurs and consumers.

Tourism is considered the most important economic driver of many countries. Employment, inflow of foreign exchange and investment are some of the many channels through which tourism benefits the economy. Tourism faces many problems and terrorism and migrations are undoubtedly one of those. In a broader sense, tourism, terrorism and migration are closely intertwined with the concept of voluntary and involuntary migration. Terrorism has a negative impact on tourism and is considered a major driver of migration flows. Immigrants, after acquiring the necessary economic wealth in a new country of residence, become a part of tourist flows. In this paper, a framework for the migration-tourism-terrorism nexus has been established, and the main areas of current research have been highlighted. Bibliometric analysis was applied to the WOS database for the period from 2001 to 2021. The research implemented a three-tiered approach that identified relevant articles in the area of terrorism and tourism (TT) (138), migration and tourism (MT) (103), and migration, tourism and terrorism (MTT) (2). In addition to the citation and co-authorship analysis, this study analyzed the co-occurrence of keywords. The results show that the USA, UK and China are the most prolific countries, while Tourism Economics, Tourism Management and Annals of Tourism Research are the most relevant journals in the field. The co-keyword analysis identified four distinct research areas for TT and three for MT. At the end of the paper, possible future research directions for each area are clearly indicated, and the limitations of this study are highlighted.

The Public–Private Partnership (PPP) phenomenon is enjoying a global revival of popularity, despite much uncertainty on the definitions of partnership and the colorful experience gained from their practical application. While they are being rapidly embraced not only in the free market and developed economies but also in developing countries, uncertainties persist as to what exactly is innovative—or fruitful—about PPP. In developed countries, the evolution of PPP to “state after welfare”, reflects a shared experience in systems theory that has evolved substantially, particularly in Western European economies. This article analyzes the dynamics of implementation of PPP in the healthcare sector considered as opportunities for countries in transition, enhancing the case of Albania considered as a typical Balkan transition country of the post-Soviet era. When the course of two decades has almost been completed the changes that countries in transition are facing are significant and have transformed the way of the economic environment. In transitioning or developing economies, despite the potential for PPP arrangements to finance and develop public projects, the use of PPPs has been slow and limited (Yang et al., Public Administration Review 73:301–310, 2013). Currently, Albania boasts a portfolio of more than 222 PPP, 186 in energy with the rest in transport, health, environment, and agriculture. As in the focus of the article, there is an overview of the four PPP in the healthcare sector considering one out of four as the case study based on the importance as well as the changes and needs during Covid-19. The article will highlight a need to adopt a long-term strategy in the field of healthcare as well as applicable standards for the monitoring of the implementation procedures. The healthcare sector in a typical Balkanic transition country, that aspires for European Union membership, such as Albania, was considered as a case study in the research because in the healthcare were introduced reforms aim to improve the public health system, the quality of care provided, and to reduce out-of-pocket healthcare expenses and the application of PPP in this sector were considered as part of this reforms and their success. The case study is based on the data collected from the analysis of the contracts signed between the parties, different reports, interviews and the documentation collection with regard to the management of this contract are going to be used. During the Pandemic moment, the implementation of these contracts became even more important for a country facing a global emergency regarding health care when these contracts were seen as a way of innovation in the management of public services.

Access to finance is one of the most important determinants of success and even the survival of a business. Several theoretical and empirical studies argue that small and medium-sized enterprises usually face more problems in obtaining financing compared to larger enterprises. The same happens in the case of enterprises that are in the first years of existence on the market. Thus, through this paper we aim to examine the relationship between the way small and medium enterprises are financed in the first years of existence and their performance. Thus, we want to see if the debt structure of these enterprises plays an important role in obtaining performance. In order to achieve the purpose of the paper, we perform an econometric analysis by choosing a sample of small and medium enterprises from the CEE countries in their first years of existence. Given the fact that start-ups are considered enterprises in the first five years of life, the analysis period considered is 2015–2019. As a method of analysis we use the panel data technique considering as dependent variables a set of indicators that measure the performance of enterprises, and as independent variables indicators that express the degree of indebtedness of enterprises. The data for this analysis are obtained from the financial statements of the companies accessed through the AMADEUS Bureau van Djik database. The results of our research show that the way in which the SMEs financing decisions are based plays a significant role in achieving performance. The use of short and long-term debt can stimulate the performance of enterprises, but an increased gearing ratio hampers this performance. These results can be useful for decision-makers because they emphasize the need for them to focus on formulating policies that facilitate access to finance for SMEs in the first years of life, thus generating an increase in their performance with positive effects at the level of general economy.

Purpose: The purpose of this article is to assess tax regime similarities among Eurozone countries in the field of Personal Income Tax, given that human capital is highly mobile and thus affected by the design of a country’s tax code. Design/Methodology/Approach: Using information on the Central government personal income tax rates and thresholds, available on the OECD Tax Database, this article employs dendrograms to present similarities of tax regimes and clustering of homogeneous Eurozone countries for four different years (2003–2008–2013–2018), in order to capture the effects of the 2008 economic crisis in the design of personal income tax systems. Findings: Our findings suggest a great degree of divergence in the design of personal income tax systems, especially regarding the degree of progressivity as well as top income brackets and marginal rates. It is interesting to observe how clusters of groups of countries with similar tax regimes are differentiated through time. Originality/Value: Most of the literature, when comparing different tax regimes, focuses on tax revenues and average tax burdens. The value of this research stems from the fact that it provides a similarity analysis, based on the actual design of the tax schedule. Results can be indicative of the degree of convergence in Eurozone countries, thus providing tax authorities with a transparent methodology to assess the level of fiscal harmonization.

Taxation is a basic revenue source for a state. In this paper we present the essential characteristics of Greek taxation system. We analyze the taxes from different income categories, from business taxes and non-business taxes, from different Greek regions. We compare revenue data of the year 2019 with corresponding revenue data from the year 2011, before the economic crisis. Our aim is to find how economic crisis influenced the Greek taxation system and its efficiency. We present our findings and our proposals for optimal taxation.

Our study investigates the impact of the COVID-19 external shock on the stock return volatility of global firms. Using a sample of 30,516 firms, accounting for 60% of listed firms globally, scattered across 63 countries, we evidence that COVID-19 cases (fatalities) have a positive and significant impact on stock return volatility of global firms, measured at different estimation intervals (windows of 30, 60, 90, 180, and 250 days). In particular, a one standard deviation increase in COVID-19 cases (fatalities) is associated with 0.79% (0.86%) increase in firm volatility. Additionally, we inform that the effect of COVID-19 is amplified for companies from Oceania and Asia. Our insights are advantageous to a wide spectrum of stakeholders, including managers, market participants, and policy makers.

The aim of the paper is to assess the tendency and dynamics of Turkey’s economic relations with selective countries in Africa. The research question is whether these economic ties rely upon economic or political incentives and to what degree. Current literature examines Turkish economic relations focusing on China, the Western Balkans, the Gulf, and the Middle East, while little has been said about Turkey’s rising role in Africa as an economic power. In addition, most of the studies approach this issue from a geostrategic perspective rather than the economic one. In order to answer the research question, it is necessary to examine the correlation between macroeconomic and political variables in order to assess whether high levels of Turkish economic connectivity with African states emerge as a result of market operation or emerge as a consequence of political goals or is a combination of both of them. From 2000 onwards I will examine the dynamics and the tendencies of Turkish economic relations with selective African countries in terms of indicators including trade relations, FDIs, development, and humanitarian assistance. I will then assess to what extent those international economic relations tendencies coincide with Turkish political and geostrategic considerations.