Turkish economy is growing continuously with the young and educated population. It is nominated to be among the top 10 economies of the world with the rapid increase in labor productivity. Together with the development of the technology and energy sectors, Turkish economy leaves behind many OECD (The Organisation for Economic Co-operation and Development) countries. In addition, Turkey accelerates the economic growth and sectoral developments by making large investments in R&D.
Let us examine the TURKSTAT (Turkish Statistical Institute) data and CBRT (Central Bank of Turkey) statistics on the Turkish economy and predict the future with concrete data. Examining the national economies before investing will enable you to take more firm steps for your investment.
What is Consumer Confidence Index? | 8.5% Increase in Consumer Confidence Index
The indices calculated in accordance with the balancing method used by the European Union show the situation assessment of the national economies worldwide. If we look at what the Consumer Confidence Index shows us exactly, it indicates the general economy and the economic conditions of the citizens. And according to this assessment, it measures the saving and spending trends monthly. The Consumer Confidence Index achieved as a result of the survey conducted by TURKSTAT (Turkish Statistical Institute) and CBRT (Central Bank of Turkey) paints a positive picture of the Turkish economy in the aftermath of Coronavirus.
Turkey Consumer Confidence Index | All Sub-Indices Increased!
Turkish economy rose to 59.5% showing an increase of 8.5% compared to the previous month’s level according to the consumer confidence index. While problems due to the Coronavirus experienced in the global economy affect the whole world in a negative way, the Turkish economy minimizes the damage by means of measures taken. Operation in Turkey has been maintained with the measures taken in the public sector. As a result of successful operation in the health sector and maintenance of the production by taking isolation measures, the Pandemic Health Crisis Process and economic condition are maintained in a controlled manner.
According to the Consumer Confidence Index, an increase was shown in all sub-indices in Turkey. In accordance with the Consumer Confidence Index which is a indicative of future periods, the Expectation of Household’s Financial Condition Index in Turkey rose to 79.2% increasing by 9.3% compared to the previous month. The expectation of the General Economic Condition Index of Turkey rose to 81.8% increasing by 9.5% compared to the previous month. Turkey is on the way to overcoming with the least damage the economic crisis in the whole world with the global health crisis in April. The rapid rise in declining values in April is a clearer indicator of the Turkish economy.
Does Turkey Have a Good Economy? | About Turkish Economy
Turkey deals with the global crisis with the least damage thanks to its strong economy and robust infrastructure. According to the expectation reports indicating the consumer financial condition and general economic values announced monthly, the Turkish economy maintains a solid stance. It continues without slowing down in the health, industry, technology, automotive and production sectors.
The fact that Turkey is a shining star in the field of economy is noteworthy across the world. With the economic developments in 2020 and taking control of the global crisis, the Turkish economy is running towards its objectives. It is certain that by 2030 Turkey will be depicted as a rising star in the market.
According to the Spring 2020 Europe and Central Asia Economic Update Report prepared by the World Bank, Turkey will show a growth of 4% in 2 years as from 2020. The inflation in Turkey is expected to be at 8.5% level within the same period. In addition, the Turkish economy has a growing acceleration in a positive way according to the report prepared. It is aimed to minimize the risks by providing liquidity with Package of Economic Measures taken against COVID-19 Virus in Turkey.
Is Turkey a Rich Country? | Turkish Economy Become 12th Largest Economy!
Turkish economy is among the developed countries, according to the reports issued by the World Bank as well as its future objectives. We can measure the economic size of a country with its gross domestic product. Gross Domestic Product and Gross National Product, which are one of the most important indicators in the evaluation of national economies, indicate the welfare level of the society. Let us make a brief about the GDP and GNP then examine the figures expected by the World Bank to understand better the Turkish economy and welfare level of the society.
Gross Domestic Product is the economic criterion generally evaluated for one year. It indicates the value in terms of the currency of all services and goods produced in a certain period in the country.
| Briefly, GDP is the total of the following values: Investment Consumption Government Expenditures (Import-Export) |
Gross National Product is the monetary value of the sum of services and goods produced by citizens within the borders of a country.
In a report announced by the World Bank, the Turkish economy is expected to grow by 0.5% at the end of 2020 and by 4% in 2022. GDP in the last quarter of 2019 in Turkey showed an increase of 6.0%. According to the production method, GDP increased by 14.9% in 2019. The GDP per capita in Turkey was found to be 9 thousand 127 US dollars in 2019. When all these data are analyzed, Turkey aims to take part in the 10 largest economies in the world by 2030 and is progressing rapidly in this way.
Turkish economy has a strong structure with its highly capitalized banking system and dynamic and wide range of private sector and public finances. Along with the reforms carried out in the labor market, the Turkish economy is developing rapidly.
What Type of Economy is Turkey?
If you are planning to invest in Turkey, it is crucial to follow and take a close interest in its economy. The free-market economy of Turkey depends on agriculture by 25%. Industry and service sectors, which continue to develop rapidly, have extraordinary steering power over the Turkish economy.
The rapid increase in exports and production in Turkey and development at full speed of automotive, electronics and petrochemical industries have scattered the conservative structure and increased its global value. Besides, Turkey has destroyed its security concerns and achieved stability in economic terms.
With bilateral free trade agreements, Turkey maintains its characteristics conforming to the international standards. Pursuant to the Customs Union Agreement, it utilizes the same trade policies as the European Union.
Turkey has many preferential trade agreements which are currently in force. It also offers investors opportunities in free trade zones, which have an important place for the Turkish economy. All fields of activity are also brought to common use for foreign companies. Facilities provided for investors with a stable and dynamic structure of the Turkish economy carry Turkey to the first ranks day by day globally.
