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Turkey economy ranking for 2022

Turkey economy ranking for 2022

Are you interested to know about Turkey economy ranking for 2022? Do you intend to enter into investment fields?

Lale Real Estate Group highlight the most important information on the arrangement of Turkey’s economy 2022. 

Read this text to get all the information and facts that enrich your information about the economic of Turkey.

The improvement of economic and social development in Turkey since the early 2000s has been increasing, which has led to an increase in job opportunities and entry into important investment areas.

This has made Turkey an upper-middle-income country, however, in the past few years, Turkey was suffering from the economic vulnerability.

In 2000, Turkey has maintained a long-term focus on implementing great reforms in many areas by doing some programs.

These programs have targeted vulnerable groups and poor regions, the incidence of poverty has reduced by more than half during 2002.

During this period, Turkey has urbanized enormously, and maintained strong macroeconomic and fiscal policy frameworks.

In addition, Turkey opened up trade and external finance, issued many laws and regulations with EU standards, expanded access to public services and recovered well from the global financial crisis in 2008/2009.

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What is expected for Turkey economy ranking for 2022?

What is expected for Turkey economy ranking for 2022
What is expected for Turkey economy ranking for 2022

According to the April 2021 World Economic Outlook report, issued by the International Monetary Fund (IMF), Turkey ranks 11th in the world in terms of GDP and purchasing power in 2021, up from 13th place the previous year.

The International Monetary Fund also revised the forecast for the growth of the Turkish economy to 7.8% in 2021, up from 5.5%. 

Turkey is currently among the three largest emerging economies with the highest growth for 2021 after India and China.

The economy is expected to expand 4.8% in 2021, according to the median forecast in a Reuters poll of 34 economists surveyed from 6 to 13 April.

These expectations come with growth expected to rise to 14.9% in the second quarter, and the average poll showed that the economy is expected to expand by 3.7% next year in 2022.

Turkey was one of the few countries that avoided an economic downturn in the coronavirus period last year.

Additionally, its gross domestic product (GDP) grew 5.9% in the fourth quarter and 1.8% in 2020, as a whole according to official data. 

It shrank by 10% in the second quarter but recovered due to the wave of government bank lending in the second half of the last year.

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The impact of Real estate investment on Turkey economy

The impact of Real estate investment on Turkey economy
The impact of Real estate investment on Turkey economy

Real estate investment in Turkey has an effective role in the growth of the Turkish economy in 2021.

Despite the COVID-19 pandemic that affect the world economic sectors in general, Real estate investment in Turkey has witnessed a great improvement.

This was because of the high demand in the Real estate market in Turkey from investors and buyers.

%57 of Foreign Direct Investment “FDI” in 2020 came from Real estate investments with 4.4 billion USD, and the total FDI inflows into Turkey reaching 7.8 billion USD.

Statics showed that between 2015 and 2020, the total number of home sales in Turkey was 3.8 million.

189,000 from the home sales were for foreigners who seek to buy and invest in Turkey. 

These high numbers for home sales confirm that Real estate investment has a great impact in growing Turkey economy.

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Do you know what the benefit of buying a property in Istanbul? Contact me to find out why!

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