Turkish Economy

Turkey's economy has undergone stormy winds during periods of political upheaval, the lira's decline and volatility in international relations. Nevertheless, Turkey's economy has risen significantly. 11 percent growth was recorded in the third quarter of 2017, making Turkey the fastest growing economy within the G20. With memories of the coup attempt of 2016 and the rapidly disappearing security concerns, Turkey has become a country looking for a bright economic future. According to Fitch Ratings, Turkey's economy is expected to grow 4.8 percent annually over the next five years.
Factors Influencing the Turkish Economy in 2018. Good and Bad:
Through this previous review of the growth of the Turkish economy during 2017, we must take a look at the Turkish economy and its place in 2018, take a quick look at the factors affecting the economy of Turkey during 2018

Good factor: exports will exceed last year's record:

With the lira falling against the US dollar and other major currencies, 2017 exports reached new heights and the country achieved about $ 144 billion, and the most successful sectors were the auto sector. The Turkish auto industry has produced more than 1,540,000 vehicles over the past year, including Renault, Toyota and Peugeot. It has been exported to many countries, 75 percent of which are European countries. In 2018, Turkey expects to record higher figures than last year, reaching about $ 169 billion of Turkish exports.

Good factor: increased spending as a result of government measures:

Although unemployment remains at a low rate or rises slightly, this does not mean that job opportunities are not increased and spending increases, with taxes and credit guarantees encouraging consumer spending. Consumer spending in the last few years has been boosted by the middle class, with Turkey's population becoming richer, and much of this spending is in the housing sector as more young Turks opt for real estate ownership

Good factor: capitalizing on more hot capital:

Short-term investments, known as hot-cap funds, have boosted growth in 2017, and this is believed to continue in 2018. The outlook for these increases is due to some of the momentary reasons on the scene such as Trump's policies, fears and security turmoil in the Middle East, Alternative safe havens and on the map Turkey as a safe haven.

Good Factor: Huge Projects Will Boost Jobs and Confidence:

With many construction projects in Istanbul and beyond, including large Erdogan projects such as the new Istanbul airport and the Eurasia Tunnel, providing thousands of jobs for the Turks. These projects launched consumer confidence due to the abundance of these projects and their strength.

Good factor: tourism figures will improve:

Early bookings in the European market show that Turkey will experience significant growth in tourism this year, as European holidaymakers return to Turkey. As security concerns faded, many European and other national families booked holidays on the Turkish south coast. It is expected that the number of British tourists will increase by 50 percent, with the number of tourists from other nationalities

Bad factor: inflation may lead to higher interest rates:

At the end of last year, inflation was 13 percent, the highest inflation rate in 14 years. Including an increase in intermediate goods by 24 percent. The rapid rate of price growth was exacerbated by the devaluation of the Turkish lira, which fell by 6.5 percent against the dollar in 2017. This led to a rise in the price of imports. Turkish central bank's high figures seek to increase its rate to 5 percent to become more sustainable. Raising prices is one of the measures that Erdogan might strongly oppose and betray, but this will not discourage the central bank from raising interest rates in December 2017.

Development of infrastructure projects

In a few years, the size of the development projects in the country has increased, and Turkey has been able to modernize the infrastructure, through the development of new electricity networks and modernization of means of transport. The volume of public transport in the country has increased from 7 million to more than 19 million in a few Years. The government is monitoring hundreds of billions of dollars for the development of infrastructure because of the importance of these projects in various fields and sectors.
Since 2003, the number of tunnels has increased from 50 tunnels to 188 tunnels, as well as bridges, most notably the Bosphorus Bridge which was inaugurated this year alongside the Osman Ghazi bridges in the Yalova region in northwestern Turkey, Sultan Yawaz Selim in Istanbul, the Eurasia Tunnel


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