What is Turkey economy forecast for 2022 – 2023? Are there any signs of huge developments in the structure of the Turkish economy?
We will explain the answers of all these inquiries, ranking of Turkey Economy Forecast 2022 globally, and what is the impact of Turkey economy forecast 2022 on trade statistics, Turkey Foreign Direct Investment (FDI), and Gross Domestic Product (GDP) and the upcoming Turkey economy forecast 2023.
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Turkey Economy Forecast Overview
The global economy in general faced many difficulties during the epidemic of COVID-19, however, Turkey economy forecast succeeded in maintaining a rate of continuous successes.
President Recep Tayyip Erdogan stated in the presidential meeting he chaired on 06/09/2021: “The world has passed the past year and it was a very difficult period that witnessed challenges in economy. Many countries have put policies in order to limit the effects of this crisis within their current capabilities. But despite this, no country has been able to reduce the downturn in the global economy.”
He also said that: “Turkey has become one of the few countries among the Organization for Economic Cooperation and Development “OECD” and Group of twenty “G20″ countries that achieved a growth of 1.8% in 2020, in which Turkey economy forecast was greatly destabilized. There are effective policies and steps to support growth have played an important role in reducing the negative effects of epidemic on the economy.”
The Central Bank Governor expressed his belief that there is room for improvement in Turkey economy forecast in terms of inflation, reserves and risk premiums.
Turkey has made progress in supportive fiscal and monetary policies, and has achieved successes in facing the Corona pandemic.
This was obvious in a speech delivered by Central Bank Governor Shihab Kavuoglu, on Wednesday 08/09/2021, during a meeting organized by the German-Turkish Commerce and Industry under the title “Monetary Policy, Inflation and Investment”
He indicated that Turkey’s foreign exchange reserves range between 115- $120 billion, adding, “I think we will reach a stronger position by increasing the amount of reserves.”
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Ranking of Turkey Economy Forecast 2022
The positive prospects issued by local and international authorities about the performance of the Turkey economy forecast 2022 increased in the current period.
As a result, the details of the Turkish medium-term economic program were revealed, which is considered as a roadmap for Turkey economy forecast 2022 for the next three years.
This program includes plans and projects between 2022 and 2024, aiming to launch a growth structure that creates qualified job opportunities.
And it will work to reduce inflation rates to the lowest levels during the program’s period. The program is expected to reach trillion-dollar.
In addition, it aims to encourage high-tech fixed capital investments and foreign investments in the industrial sector.
These programs can be clear evidences for the improvement in Turkey economy forecast 2022.
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Gross Domestic Product (GDP) – Turkey Economy Forecast 2022
- Expecting inflation to decrease to 9.8% in 2022 and 8% in 2023.
- Gross domestic product growth “GDP” at 9% this year and 5% next year.
- The current account deficit to GDP ratio is expected to be 2.6% in 2021 and 2.2% in 2022.
- Budget gap to GDP ratio at 3.5% in 2021 and 2022, 3.2% in 2023
- The unemployment rate is expected to reach 12.6% this year and 12% next year.
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Turkey Economy Forecast Trade Statistics
Last August, Turkish exports volume reached to about 207.5 billion dollars, and according to the medium-term program, the next three years will witness a further increase.
According to studies and expectations, this program aims to reach an export volume of $230.9 billion by the end of 2022, $242 billion in 2023, and $255 billion by the end of the program in 2024.
As a result, Turkey economy forecast is expected to increase during the upcoming years 2022 to 2024.
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Turkey Foreign Direct Investment (FDI) 2021 – 2023
Turkey’s FDI Strategy 2021 – 2023 has been published on the website of the Investment Office of the Presidency of the Republic of Turkey.
This country enjoys a strategic location, modern logistics infrastructure, extensive production capabilities etc., and thus it is favorable for international investors.
The main objective of the strategy is to increase Turkey’s foreign direct investment “FDI” performance in terms of quantity which is targeting 1.5% of the global FDI market, and quality to increase knowledge and high value where there are added investments that create high-quality job opportunities.
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Turkey’s Foreign Direct Investment Strategy 2022
- Planning and implementing a central investment campaign focusing on the quality of FDI.
- Conducting studies to investment for the quality of FDI.
- Strengthening the facilitation role of public institutions in the processes.
- Improving the supply of industrial land that investors need and studying information about the suitable lands for investment.
- Developing the supplier base in Turkey according to the requirement of the backlinks of FDI quality.
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Impact of Employment opportunities on Turkey Economy Forecast
Unemployment rates globally increased due to the Covid-19 epidemic, but Turkey maintained a somewhat low unemployment rate, reaching 10.6% in June of this year.
The Turkish medium-term economic program includes maintaining low unemployment rates by providing a total of 3.5 million job opportunities over the next three years, to increase the employment rate at an average rate of one million and 170 thousand people annually.
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Frequently Asked Questions about Turkey Economy Forecast
Does Turkey have a good economy?
Turkey is one of the largest economies in the world that continued to develop rapidly.
Is Turkey a fast-growing economy country?
Turkey is one of the fast-growing economy countries in the world, with an annual growth rate of 4.9%.
What will be the outlook for the Turkish economy for 2022?
Turkey economy development is expected to slow dramatically from 5.1 percent in 2021 to 2.6 percent in 2022.
Is Turkey more developed than India?
Turkey is more developed than India when it comes to infrastructure and GDP.
What is Turkey's inflation rate in 2022?
Turkey's inflation rate in 2022 is 53.2%.
What is Turkey's inflation rate in 2023?
Turkey's inflation rate in 2023 is 22.3%.
What will be the GDP of Turkey in 2025?
The GDP of Turkey will be 913.22 in 2025.
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