Killer Facts About Turkish Economy
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TURKEY: KILLER FACTS ABOUT TURKISH ECONOMY
Macro Economy
1. Turkey is the world's 18th and Europe’s 7th largest economy. According to HSBC’s “The World in 2050” report, Turkey will be the world’s 12th and Europe’s 4th biggest Economy by 2050[1]. Turkey aims to be among the world’s 10 largest economies by 2023, on the 100th anniversary of the foundation of the Republic. In September 2010, the FTSE Group promoted Turkey from ‘secondary emerging’ status to ‘advanced emerging’ status[2].
2. Turkey currently is currently the fastest emerging market of Europe. Turkish GDP grew by 8.5% in 2011, making the country the fastest growing economy of Europe. Turkish GDP grew by an average rate of 7.5% on average between 2004 and 2007.
3. According to the OECD, Turkey is expected to be the fastest growing economy among OECD members during 2011-2017, with an annual average rate growth of 6.7%. OECD estimates that Turkey will be the third highest growing country after China and India by 2017 and will surpass India after 2017 to become number two.
4. According to the IMF data, Turkey’s Purchasing Power Parity (PPP) adjusted GDP for the year 2010 was $1.1trillion, which rose from $305bn in 2003. GDP per capita nearly tripled since 2002, from $3,500 to $10,444.
5. Turkey is one of the world’s biggest markets with a population of 74 million and a labour force of 27 million. Half of the population is below the age of 30. Turkey has the highest youth population and 4th largest labour force compared to EU-27 countries.
6. The Economist has recently coined the term ‘CIVETS’ (Columbia, Indonesia, Vietnam, Egypt, Turkey and South Africa), to describe six emerging, often overlooked, markets that are becoming ever-more attractive to investors. Turkey was commended for its young and growing population, diversified economy and low debt levels. It was noted for having the highest GDP per capita out of the six countries in the bloc.
• Istanbul
TURKEY: KILLER FACTS ABOUT TURKISH ECONOMY
Macro Economy
1. Turkey is the world's 18th and Europe’s 7th largest economy. According to HSBC’s “The World in 2050” report, Turkey will be the world’s 12th and Europe’s 4th biggest Economy by 2050[1]. Turkey aims to be among the world’s 10 largest economies by 2023, on the 100th anniversary of the foundation of the Republic. In September 2010, the FTSE Group promoted Turkey from ‘secondary emerging’ status to ‘advanced emerging’ status[2].
2. Turkey currently is currently the fastest emerging market of Europe. Turkish GDP grew by 8.5% in 2011, making the country the fastest growing economy of Europe. Turkish GDP grew by an average rate of 7.5% on average between 2004 and 2007.
3. According to the OECD, Turkey is expected to be the fastest growing economy among OECD members during 2011-2017, with an annual average rate growth of 6.7%. OECD estimates that Turkey will be the third highest growing country after China and India by 2017 and will surpass India after 2017 to become number two.
4. According to the IMF data, Turkey’s Purchasing Power Parity (PPP) adjusted GDP for the year 2010 was $1.1trillion, which rose from $305bn in 2003. GDP per capita nearly tripled since 2002, from $3,500 to $10,444.
5. Turkey is one of the world’s biggest markets with a population of 74 million and a labour force of 27 million. Half of the population is below the age of 30. Turkey has the highest youth population and 4th largest labour force compared to EU-27 countries.
6. The Economist has recently coined the term ‘CIVETS’ (Columbia, Indonesia, Vietnam, Egypt, Turkey and South Africa), to describe six emerging, often overlooked, markets that are becoming ever-more attractive to investors. Turkey was commended for its young and growing population, diversified economy and low debt levels. It was noted for having the highest GDP per capita out of the six countries in the bloc.
• Istanbul