Turkey a Leading country in the economy and speed growing globally
One of the
most promising real estate markets in Europe now is Turkey.
Strategically
situated at the crossroads of Europe, the Middle East, and Central Asia, and
home to almost 81 million people, Turkey offers great opportunities for real
estate developers and investors by combining a large construction sector with
growing commercial and industrial output.
The country
will carry out the next round of economic reforms “assertively” as it seeks to
insulate the economy from political risks.
Turkey’s
success over the past 15 years can be attributed to its bold and far-reaching
reforms.
Last year,
Turkish exports topped $157 billion, a 10 percent rise over 2016 that pushed
exports to their second highest level in history. However, imports also rose,
by almost 18 percent, which meant a $77 billion deficient in the foreign trade
balance.
Despite
internal and external shocks, the Turkish economy grew by almost 7 percent last
year, with 5.3 percent in the first quarter, 5.4 percent in the second, and a
massive 11.1 percent in the third quarter.
The economy
has grown by an annual average of 5.6 percent growth over the past 15 years,
which has meant changing fortunes for its citizens, and greater employment
opportunities - last year, 1.3 million new jobs were created for Turks, an
impressive number considering the EU, with its 510-million strong population,
created 1.9 million.
Standing
with the EU is Turkey a Leading country in the economy and speed growing globally.
Although
Turkey is not an EU member, since 1995 the country has been a member of the
customs union agreement. Turkey applied for EU membership in 1987 and talks
began in 2005. These stalled in 2007, and Turkey must successfully complete
negotiations on 35 policy chapters to work towards European standards.
Despite EU
accession currently being a pipe dream for Turkey, relations between Turkey and
Europe are positive.
As well as
EU being Turkey’s largest export market, with around half its exports imported
by European countries, almost 70 percent of foreign direct investment in Turkey
comes from Europe.
Turkey’s
economy is one of the world’s fastest-growing
Turkey’s
economy is doing surprisingly well. In the third quarter of 2017 GDP surged by
11.1% year-on-year, outperforming all major countries. This is partly because
Turkey did so badly in the same period in 2016 when the economy shrank by 0.8%
after a failed coup.
Turkey a Leading country in economy, speed growing globally
Author: Maximos Real Estate
17/01/2024
