Economic growth in Turkey predicted to be double that of other OECD nations

Turkey will see average annual growth of 5.2 per cent between 2012 and 2017, while other OECD members are forecast to grow at 2.4 per cent for the same period, President of the Investment Support and Promotion Agency of Turkey (ISPAT), Ilker Ayci, stated recently.

Ayci added that Turkey is the only consistently growing economy in Europe and in the eyes of foreign investors has undergone a profound change over the last decade, so that it is now attracting an increasing amount of foreign direct investment (FDI).

“Having drawn some $123billion of FDI in the past decade alone, Turkey is projected to attract $100billion in the next five years,” said Ayci, while during a speech celebrating the 90th anniversary of the foundation of the Republic of Turkey.

Turkey has been one of the fastest growing economies during the global financial crisis, attaining growth rates of 9.2 and 8.5 per cent for the years 2010 and 2011, respectively. The country has grown 2.2 per cent in 2012 and is predicted to become the fastest growing nation in OECD.

Meanwhile, Turkey’s Prime Minister Recep Tayyip Erdogan highlighted that confidence in Turkey’s economy has risen due to the political stability, structural reforms and business-friendly policies implemented during the last decade.

Speaking at the meeting of the Investment Advisory Council of Turkey in Istanbul at the end of October, Erdogan said: “The economic confidence and stability we have built are the greatest gains in our economy. Well-defined, timely declared and resolutely pursued policies are vital to business confidence. Turkey is now seen as a safe haven for investors internationally.” Proof of this last point, added Erdogan, is the increasing number of multinationals setting up their regional headquarters in Istanbul.

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