Turkey is currently the 17th largest economy in the world but will climb steadily over coming years to reach 12th position by 2028, according to the latest World Economic League Table (WELT) by the Center for Economics and Business Research (CEBR), a leading economic analyst.
The CEBR report also predicts that by 2028 Turkey’s annual Gross Domestic Product (GDP) will be $3.46 trillion, compared with $822 billion at the end of 2013.
In the meantime, the CEBR forecasts that the Turkish economy will be ranked 15th alongside other emerging markets in 2018 with a GDP of $1.28 trillion, and 15th again in 2023 with GDP of $2.13 billion. The report says that Turkey’s economic growth is based on its access to the Western European markets, helped by its relatively low labour costs and favourable demographics. It adds though that “the Turkish outlook does depend on political stability and continued disturbances of the kind seen in 2013 could discourage investment and hence growth”.
The CEBR predicts that by 2028 China will have taken the top spot as the world’s largest economy, bumping the US into second, followed by India, Japan, Brazil, Germany, the UK, Russia, Mexico, Canada, Korea and then Turkey, ahead of France in 13th.
The UK is currently rated the West’s second best performing economy. It is also the only major Western economy to move up the league table (temporarily) becoming the world’s 5th largest economy in 2018, overtaking France in the process. After that the UK slips back to 7th place in 2023 and 2028, as India and Brazil overtake it.