IMF (The International Monetary Fund) has revised its GDP forecasts for countries in its latest World Economic Outlook October 2021 report.
According to the new report, growth forecast for the Turkish economy has been revised up to %9 in 2021, up from %5,8 previously reported.
With this, Turkey is the second top economy in terms of growth rate for 2021 after India.
Accordingly, EBRD (The European Bank for Reconstruction and Development) also has revised Turkey’s GDP growth expectation to %9 in 2021, up from %5.5, in their recent Regional Economic Prospects report.
EBRD’s Lead Regional Economist Roger Kelly says, “Turkey definitely has the potential to become a regional and global production hub in the post-pandemic era. Turkey is very well positioned to capitalize on the trend towards shorter supply chains thanks to its flexible manufacturing base and strategic location.”
Nothing that Turkey’s recently unveiled National FDI Strategy is a milestone to attract more and quality FDI into Turkey, Kelly also adds, “The Turkish government is implementing policies to enable companies not only to increase their participation in value chains but also to produce more value-added products, that will help reduce Turkey’s current account deficit.”
More Information: Investment Office