Turkey has been named one of four emerging economic giants in the world by a leading economist at investment bank Goldman Sachs, boosting its appeal to foreign property investors during 2014.
Economist Jim O’Neill, who created the BRIC acronym which in 2001 identified Brazil, Russia, India and China as the world’s next economic powerhouses, has now highlighted Mexico, Indonesia, Nigeria and Turkey, or MINT, as future stars of the global economy.
Key to Turkey and the other MINT nations’ fiscal success is that they all have good inner demographics, meaning they are expected to see a rise in the number of people eligible to work relative to those not working over the next 20 years - this makes residential buy-to-let investments attractive options for investors. It’s not unfeasible for MINT nations to achieve double-digit GDP in coming years, similar to what China recorded between 2003 and 2008.
Turkey’s geographical position, bridging the East and West, is seen as a likely contributor to its success too, especially as patterns of world trade change and Istanbul in particular grows in global commercial prominence. Testament to this is Turkish Airlines currently being the world’s fastest growing airline.
Turkey aims to be among the world’s top 10 economies by 2023, by attaining a GDP of $2 trillion. This target calls for an export volume of $500 billion and a per capita of $25,000. The yearly foreign direct investment amount that Turkey should be attracting by 2023 will be $80 billion, constituting four per cent of the projected GDP. Turkey emerged as one of the fastest growing economies from the global financial crisis, attaining growth rates of 9.2 and 8.5 per cent for the years 2010 and 2011, respectively. Having grown by 2.2 per cent in 2012, the country’s economy expanded by an average of four per cent in the first three quarters of 2013.