Posted on 26 May 2011
The Turkish economy grew 8.9% in 2010, this made it the fastest growing economy in Europe by a good margin. Everyone expected growth to slow in 2011, it had to; the growth rate in 2010 was unsustainable, and to sustain it would ultimately have done more harm than good in the longer term.
But it won’t slow much, and Turkey will be one of the fastest growing economies in Europe again this year.
Don’t take our word for it, because we are not talking about our predictions here. After calling Turkey’s fiscal consolidation in the past decade “an impressive success story” an EU Commission report has increased the EU forecast for Turkish GDP growth in 2011 from 4.1% to 6.1%. This would make it one of the fastest growing economies in Europe, and probably secure its place as the fastest growing for the two year period.
What’s more the prediction is confirmed and bettered by the Organisation for Economic Cooperation and Development, who have recently predicted growth of 6.5% in Turkish GDP this year. The organization expects Turkey’s economy to continue its growth trend in 2012 as well, albeit at a slower rate of 5.3 percent.
The OECD also predicts Turkey’s unemployment rate to continue falling during the next two years, from 11.7% recorded in 2010, to 10.6% this year, and 10.4% next year.
Turkey has its fair share of obstacles to overcome, but you will find few analysts anywhere in the world willing to argue against its economic growth prospects between now and 2015.