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Turkey Extends Presence as Prominent Player in Global Economy

Posted on 13 July 2011

Turkey continues to expand its presence as one of the prominent players in the post-crash global economy. It’s like another week another slew of positive economic data. In the last week we have seen 3 Turkish banks ranked in the top 25 of a chart of the world’s most profitable banks, data leading to projections that foreign direct investment (FDI) will reach 25 billion in 2011, a five-fold growth in civil aviation and data leading to projections that health tourism will be worth 5 billion USD in five years.

The Bankers magazine ran the chart of the world’s top 1000 banks in terms of profits. State-owned Halk Bank and Ziraat Bank ranked 6th and 9th respectively in the most profitable 25 banks of the world, while private Garanti Bank secured the 22nd place.

The forecast for FDI comes from the International Investors Association of Turkey (YASED) who believe that the rapid growth in FDI being fuelled by Turkey’s recent economic performance (now the fastest growing economy in the world) will see FDI hit at least 10 billion USD and could be as much as 12 billion.

The Ministry of Transportation’s General Directorate of Civil Aviation for Turkey tells us that airline passenger numbers reached 50 million in 2010 up from 2002’s 8.5 million and that total airline turnover skyrocketed to USD 12 billion from USD 2.2 billion in 2002, hence the five-fold increase.

And finally it is Zaman (as in Today’s Zaman the newspaper) that tells us health tourism revenues are expected to hit 5 billion USD in five years.

It is easy to see why the World Bank Vice President and Chief Economist Justin Yifu Lin is praising Turkey. During a visit to the Uzbekistan capital Tashkent Lin said:

“Having subdued the inflation, I believe Turkey is now on the right track to continue its dynamic development,” Lin told the press, during his official visit to the Uzbek capital. “The Turkish government’s policy of cooperation with other countries based on mutual benefits is also worthy of note in the context of Turkey’s rapid development,” he said.

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