Relation Between Risk Premium and Credit Rating Credit Rating–CDS Rate  Maximum Change in CDS During Crisis*  (January 8, 2010)  95 0 85 0  Bulg aria  20 0  Indon esia  18 0 C DS R ate (bp)  R ate of Chan ge in CDS (bp)  Colombia  Rus sia  16 0  Turkey 14 0 S. Africa Me xico P eru P oland Braz il  12 0  T haila nd  10 0  S. KoreaMalay sia Czech Rep . 80  75 0 65 0 Hung ary 55 0  S.Korea  Mexi co S.A frica C olombia B ulgari a Peru T urkey Brazil Malay siaTha iland Polan d C zech Rep. Chi le  45 0 35 0 25 0  C hina  Çin  60 0  In dones ia  Ru ssia  H ung ary  22 0  2  4  6  8  10  S&P Credi t Rati ngs (A+:1 , BB-:9)  15 0 0  2  4  6  8  10  S&P Cred it Rat ings (A+:1, BB-:9 )  *The difference between the highest CDS spreads during and before the crisis. Source: Bloomberg, CBRT. BIS Review 68/2010  5  15.
These reforms, by promoting registered employment, will also help us overcome problems in our social security system. Unemployment Rates (Percent) 18 15 12 9 6 3 0 2004  2005 Unemployment Rat e  2006  2007  2008  2009  Non-Farm Unemployment Rate  Source: TURKSTAT, CBRT. Distinguished Guests, 22. The impact of the global economic crisis on Turkey’s foreign trade has been evident, and the contraction in domestic and foreign demand and the slumps in commodity prices, especially in crude oil as well as iron and steel led imports and exports to shrink rapidly as of the last quarter of 2008. Significant declines have been observed throughout the year in imports and exports, which tended to recover as of the second quarter of 2009 as signs of revival in global economic activity appeared. Total exports of goods fell by 22.1 percent to 109.7 billion USD, while total imports of goods fell by 30.7 percent year-on-year to 134.4 billion USD in 2009. Consequently, the foreign trade deficit, which was 53 billion USD in 2008, dropped to 24.7 billion USD in 2009. 23. The adverse impact of the global crisis on tourism revenues was translated as a decrease in expenditures. In 2009, tourism revenues decreased by 3.2 percent. The said decline is mainly attributable to the fall in average tourism revenues. In fact, the number of visitors increased by 3.3 percent in 2009. Due to the recovery in other services items, the slowdown in the services surplus remained limited at 5.3 percent.