Turkish economy continues on growth path in 2014-15, according to OECD

Turkey’s economy will grow stronger in the coming years, according to a statement released by the OECD in July, news that should encourage more foreign investors to the country.

The OECD, which conducted a survey about the Turkish economy, said that Turkey’s short-term economic outlook has improved, and that buoyed by the projected global recovery, growth there is set to pick up over the coming two years. The OECD raised its growth forecast for Turkey to 3.3 percent for 2014 from its previous estimate of 2.2 per cent in its May, and retained its 4 per cent growth projection for 2015.

During the last quarter, Turkey’s economy continued its growth path for the 18th consecutive quarter, after growth projections of 4.3 per cent following Q1 of 2014. The growth rate in 2013 was 4 per cent.

The OECD report added that Turkey’s longer-term prospects hinge on the Turkish authorities’ ability to achieve disinflation and preserve the credibility of public finances, while implementing structural reforms that boost productivity and competitiveness across the economy.
Meanwhile, as proof of Turkey’s economic growth the country’s chief economist revealed the Turkey’s per capita income has reached 60 per cent of the EU and Japanese average levels of prosperity, and now exceeds $19,000 (TL40,350).

The latest reports will be welcomed by investors of property in Turkey, in particular Istanbul where the growing – and increasingly more affluent – middle class is driving a booming buy-to-let market, making a Turkish property investment an attractive option.

Turkey aims to become one of the top 10 economies in the world by 2023 and increase annual Turkish exports to $500billion.