Last year, Turkey adopted a new method for calculating gross domestic product, the key indicator of national economies. The retroactive revision made Turkey the fastest growing country after China in the past six years, "readjusting" GDP upward by 20%. Controversy over the credibility of the new method flared up again last week as Ankara posted a 5% growth rate for the first quarter, well above forecasts ranging between 2% and 3%. Those who look at the other side of the shiny coin draw attention to a number of flaws, marked by incoherence and economic fragility.

Whether growth was really 5% and whether this rate is sustainable is open to discussion, but it is a fact that the economy has gained a certain growth momentum. The boost came partially from external dynamics and partially from domestic ones.

Chief among the external factors is, ironically, US President Donald Trump's failure to assert credibility and trust. The political crisis in Washington appears to deepen by the day amid growing questions over the American president's and his aides' contacts with Russia during and after the elections. Many observers believe the United States is drifting away from Europe. How the Trump administration will handle relations with China and the rest of Asia remains unclear, while a growing number of pundits have come to regard a strike on North Korea as possible. Trump's policy vis-a-vis the Middle East induces concerns because he seems to instigate the Sunni-Shiite rift and prioritize arms sales to the region.

Trump's questionable performance is seen as the main reason behind the US Federal Reserve's softening stance on rate hikes. As doubts grow over Trump's pledges for tax cuts, infrastructure investments and other reforms, the hikes are slowing down. After a three-month hiatus, the Fed enacted only a 0.25 point hike on June 14.