Türkiye's economy to exceed USD1.3 trillion by end of 2024
Date
11/3/2024 7:21:49 AM
(MENAFN) Türkiye's economic outlook remains optimistic as the vice president announced on Friday that the country's gross domestic product (GDP) is projected to exceed USD1.3 trillion by the end of this year, with GDP per capita potentially surpassing USD15,000. Speaking at a business forum hosted by the Foreign Economic Relations Board of Türkiye (DEIK), Cevdet Yilmaz highlighted the government's aspirations for further growth, projecting that by the end of the fiscal year 2027-28, GDP per capita could reach over USD20,000.
Yilmaz noted that Türkiye has made significant strides entering the 100th anniversary of the republic, achieving record levels in production, employment, exports, and national income. He emphasized the impressive average annual growth rate of 5.4 percent under the current government, led by the Justice and Development (AK) Party since late 2002, compared to the world average of 3.6 percent. This growth is attributed to a combination of political stability, strong leadership, and effective, predictable economic policies.
Reflecting on the country's past, Yilmaz pointed out that Türkiye's GDP per capita was notably low two decades ago; however, it has since evolved into one of the world’s largest economies. He reiterated the importance of political stability as a cornerstone for economic stability, asserting that nations that maintain political cohesion and sound policies are positioned to achieve rapid development.
For the current year, Türkiye's exports are expected to reach USD264 billion, while tourism revenues are estimated to hit USD60 billion. Yilmaz also acknowledged the country's robust position in the service sector and mentioned the government's numerous reforms aimed at attracting foreign investment, which are expected to bolster economic growth further.
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