Turkey's growth forecasts slashed in wake of political crisis

The World Bank has cut Turkey’s growth forecast for 2013 from four per cent to 3.6 per cent. This comes as the country is racked by mass protests, escalating from a disagreement with the redevelopment of Istanbul's Gezi Park to full-on demonstrations against prime minister Recep Tayyip Erdoğan Islamist administration.

This won't help Turkey as it makes its case to the International Olympic Committee to host the 2020 Olympics in Istanbul, competing against Madrid and Tokyo.

Unrest is the word of the day, with Egypt approaching the deadline of the ultimatum given by the armed forces to resolve the political situation, demonstrators hitting the streets of Lisbon demanding that prime minister Passos Coelho step down, and ongoing disruption in Brazil over spending on public services and the costs of next year's World Cup.