Turkey economic situation is an example for the rest of the world to follow according to World Bank President

As most of the world’s markets struggle in the current economic climate, the unique growth model employed by Turkey has been labelled as an example for other countries to follow by World Bank President, Robert B. Zoellick.

While on a visit to Ankara, Zoellick met with Deputy Prime Minister Ali Babacan to hold a press conference to share views on the latest market developments. Stating that Turkey had implemented very important structural reforms since 2002, Zoellick stated: “Turkey is a development success with a per capita income nearly tripling that of 10 years ago.”

Why is the Turkish economy doing so well while the rest of the world seems to be struggling? Turkey was the fastest growing country in the world during the period of January-March of this year, with Turkish gross domestic product (GDP) growing by 11 percent (TL 25.9 billion). Zoellick said that Turkey had been “restructuring its economy with a strategic approach.”

In the year 2023 Turkey will celebrate the centennial of the foundation of the modern republic. There are big plans for the celebration of this huge event in Turkey. The country aims to be one of the top 10 economic countries in the world by this point and is surely on the right path with a growth of 8.9 percent in 2010 and a predicted further growth of 4.5 percent this year.

Zoellick also stated that the World Bank will be helping Turkey in further development in areas such as: employment, education, and energy. The bank recently allocated $7.6 billion in loans to Turkey and the International Finance Corporation (IFC) sector of the World Bank has committed a further $2.6 billion in loans to Turkey.

All of this investment in Turkey is a great thing for property in turkey. The development of employment, education, and energy in Turkey is extremely beneficial for an already booming Turkish property market. As the country moves forward with new ideas and new reforms to progress and money gets ploughed into the country, foreign nationals investing in Turkey property could reap the benefits of a greatly improving country. To meet the Turkish aims of being a top 10 economic country by 2023, the Turkish property market could play a key role in getting to that target.

7 Responses to “Turkey economic situation is an example for the rest of the world to follow according to World Bank President”
  1. Colin Guest says:

    Despite what is being said about the Turkish economy things are not in reality what is being said, tourism is down. Despite all inclusive holidays being one of the main reason why tourism figures are up each year, revenue for the country is going down. Tourists spend most of there time inside these gated communities resulting in many local businesses doing very little business. These all inclusive hotels although offering very good deals for tourists, are as recently stated by a leading professor in fact generating very little money for the Turkish economy. The sooner all inclusive hotels change to either half board or accommodation only, the sooner local businesses and the government will benefit. The cost of living in Turkey is like in many countries increasing weekly making Turkey no longer a cheap place to live. But despite this I have lived in Turkey for over 20 years and am still happy to be living here.

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