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What are the fundamentals of the Turkish economy 2022?

Posted by admin on June 9, 2022
Economic news
58 Comments

Turkey’s economy has benefited from the lessons of the gap it experienced in the internal crisis that broke out in 2001, and the global crisis 2008 to regain its breath at the beginning of 2009, as it ranked 16th in the world and 6th in Europe.

Since then, the Turkish economy has determined not to retreat, as it has paved the way to move forward towards further climbing the global ranks.

Europ Homes puts the clients interested in owning a real estate in Turkey at the forefront regarding the economy situation, which is considered one of the most important motivations for real estate investment in Turkey for many foreigners because of its impact on the value of their future investments.

Article Contents:

  • • The latest statistics of the Turkish economy
  • • The most important pillars of the Turkish economy
  • • Advantages and disadvantages of the Turkish economy
  • • The future of the Turkish economy

Turkey's position on the map of the global economy is prominent through its membership in many active and prestigious organizations such as the G20 (Group of Twenty), the Organization for Economic Cooperation and Development, the World Trade Organization and others..

In the following we will we will observe them most important elements and fundamentals without neglecting its shortcomings.

• The latest statistics of the Turkish economy

Thanks to its solid economy over the past 3 years, Turkey has achieved a global position among the 20 most powerful economies, ranking the eighteenth largest economy in the world.

Also, during this stage, Turkey achieved a GDP of about $736.716 billion.

Furthermore, the Turkish economy approved its cohesion and resilience in the face of the crises during the Covid-19 pandemic, as it was ranked the second largest survivor of the repercussions of the crisis after the Chinese economy, in another evidence of the strength of Turkey's economy at a time when the economies of the largest global powers declined.

Turkey aims to reach the 10th global rank among the strongest economies on the planet by 2023 which is the 100th centenary of the founding of the Turkish Republic as well as the date for Turkey's liberation from the shackles of the ominous Treaty of Lausanne, which deprived Turkey from its natural right to fees for the passage of ships through the Bosphorus Strait.

Turkey has adopted correct financial policies that have contributed to the Turkish economy achieving rapid growth over the past 3 years by 3% instead of 2%, which was predicted by Moody's International in one of its forecast reports regarding the speed of growth of the Turkish economy in the coming years.

• The most important pillars of the Turkish economy

Turkish economy relies on some main pillars that contributed to improving its global position, the most important of which are:

  • Tourism:

It’s considered one of the most important sectors of the Turkish economy, as it generates revenues of more than 25 billion dollars annually between the spending of foreign tourists and Turkish citizens, while Turkey ranked sixth in the world as the best popular tourist destination.

  • Agriculture:

 Turkey exports its products which exceeds 1600 different agricultural product to about 150 different countries around the world, with a workforce of 3 million people.

Turkey was also able to achieve self-sufficiency in the production of vegetables and fruits, in addition to its superiority over many countries in the field of agricultural production by occupying the third place after India and China.

  • Industry:

Turkey has made great progress in the field of manufacturing, as it is one of the most important economic pillars in Turkey, especially the manufacture of food products, spare parts, iron and steel, machinery, military industry, ships, furniture, clothing and textiles.

  • Trading:

Considered one of the most active sectors in Turkey, as the trade of clothing, furniture, building materials, machinery and various equipment, all of which contributed to supporting Turkish trade locally and globally.

  • Ports and transportation:

One of the strong infrastructures in Turkey is transportation in its various fields: land, sea and air, which plays a key role in strengthening the state's income.

Among the most famous achievements in the sector is Istanbul International Airport, which has won 31 international awards since its opening and has a capacity of 90 million passengers annually.

  • properties in turkey

One of the sectors that has become very competitive in Turkey is the real estate sector, which has achieved sales of more than 1.5 million units annually, including nearly 70,000 properties for foreigners.

Adding to the importance of the real estate sector in Turkey, the program for acquiring Turkish citizenship in return for buying a property worth only 250k USD.

• Advantages and disadvantages of the Turkish economy

Advantages and disadvantages of the Turkish economy can be summarized as follows:

Advantages of the Turkish economy:

  • Diversity of the sources of the Turkish economy "trade, tourism, industry, export, etc..".
  • The strength and resilience of the Turkish economy in the face of crises such as Covid-19 and the fluctuation of the exchange rate.
  • Stability that exceeds expectations, such as what happened in 2018, when the balance sheet achieved a surplus of one billion dollars in 2019.

Disadvantages of the Turkish economy:

  • Currency fluctuations, but the matter is soon followed by financial measures by the Turkish state, which contribute to reducing the effects of the decline of the Turkish lira on the economy, as happened in 2018.
  • Inflation and its impact on consumption, however, is always curbed by a rise in growth rates and Turkish exports.

 

• The future of the Turkish economy

The Turkish state, with all its active institutions, is betting on the further advancement of the Turkish economy to higher ranks, especially after 2023, when Turkey will be liberated from the Treaty of Lausanne, and this step will play a key role in activating Turkey's role in the maritime trade movement at the international level.

On the other hand, Turkey has taken the first steps to build the new Istanbul Canal, which will change Turkey's geographical and economic map in the region.

Turkey's economy is expected to stabilize on the top ten ranks in the world over the next five years, with a GDP that will reach $2.996 trillion by 2030.

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