Turkey Set to Become Top Economy in OECD

According to the latest predictions of the Organisation for Economic Cooperation and Development (OECD) Turkey is set to post the second highest GDP growth in the organisation next year, it said in its “Employment Outlook 2013” report. In the report Turkey was named as one of the few countries that have managed to bring unemployment down to pre-crisis levels after a rebound in their economies.

The OECD predicts that after growing 3.1% this year, Turkish GDP will grow 4.6% GDP next year, making it the second fastest growing economy in the OECD. While both figures are well above the predicted averages for the organisation which it puts at 1.2% and 2.3%, they are still below that of the Turlish government which predicts 4 percent for this year and 5 percent for the next.

Turkey is also one of the leading countries for creating new jobs, according to the report, ranking third with an expected increase of 1.9 percent in employment when compared with the previous year. The report predicts this will rise to 2.7 percent in Turkey in 2014 while the OECD average remains at 0.5 percent for this year and 1 percent for the next. The Eurozone will see a decline in employment by 1 percent this year and 0.2 percent for 2014 the report predicts.

Turkey’s economy proved to be exceptionally resilient to the effects of the global economic crisis that broke out in 2008, thanks to prudent leadership and resolutely implemented structural reforms in the last 10 years. The country’s GDP increased by more than three-fold in the last decade, reaching USD 786 billion in 2012, up from 231 billion in 2002.