Turkey Maintains Its Economy Despite Seven Shocking Years

Turkey’s economy has maintained its momentum over the past seven years...

Turkey Maintains Its Economy Despite Seven Shocking Years
Last update 2020-04-23

Turkey Maintains Its Economy Despite Seven Shocking Years

Turkey’s economy has maintained its momentum over the past seven years, growing by 9.2 percent annually in 2010, despite several shocks, notably the rise in geopolitical risks, the recent coup attempt, turbulence of the Turkish lira and the events of Ghazi Park.

Professor "Ardal Tanas Karh Gulan expert at the Turkish Center for Political, Economic and Social Research (SITA), said that Turkey has achieved a sustained economic growth between 2002 and 2009 on an annual basis, thanks to the political stability achieved with the arrival of the Justice Party And development of governance in Turkey in 2002.

Gul added that the Turkish economy, during the past seven years faced many shocks and examinations, most notably the escalation of geopolitical risks, and the recent different events, he said.

Gul said that despite all the shocks the economy has faced in Turkey, it maintains its momentum with an annual growth rate of 9.2 percent starting in 2010.

The Turkish economy has witnessed a partial decline in the last seven years, but its growth has not stagnated or stopped, and continued to raise growth indicators from 2010 due to sound financial policies of the government and Turkey's strong banking system.

Gul stressed the importance of increasing confidence in the Turkish economy and increasing the flow of investments to the growing growth, pointing out that Turkey today has the fourth highest growth rate among the G-20 countries, after China, Indonesia and India.

He noted that the decline in the momentum of economic growth in 2009 was influenced by the global financial crisis, and that the Turkish economy, which has a solid and solid ground, showed great resilience facing shocks after 2010.

"Turkey's gross domestic product (GDP) is 2.9 percent (2016), while the country is expected to achieve its target this year and will achieve 4.4 percent growth," he said.

He also pointed out that the increase in exports this year will contribute to raise growth rates compared to last year, and that Turkish export rates will witness a noticeable increase as the geopolitical risks of neighboring countries disappear.

Gul touched on the positive impact of the incentives launched by the Turkish government in the field of investment promotion and its impact on raising the gross domestic product. He emphasized that the country will reap the fruits of the facilities and encouragement provided by the government last year to support the economy and contribute to job opportunities creation, and new sectors.

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