ANKARA: With expectations for the announcement of Turkey’s GDP growth data for the second quarter, most recently released macroeconomic data implies that Turkey will grow even further. Despite facing setbacks in the last two years, Turkey’s economy grew 5 percent in the first quarter of this year, exceeding the estimations of economists and economic institutions. Now, all eyes are turning to the impending announcement of gross domestic product (GDP) growth data for the second quarter. Following the release of macroeconomic data for the recent period, the Turkish economy is expected to grow even more by the end of the year, according to economic officials, analysts and businesspeople. Having overcome many difficulties including conflicts with terrorist groups, the July 15 failed coup attempt, strained ties with Europe and political tensions, the Turkish economy has outperformed many of the developing and developed economies in the world. In other words, the country made a quick recovery and certainly dodged a period of recession.
Turkish Enterprise and Business Confederation (TÜRKONFED) Chairman Tarkan Kadooğlu said that the economic growth that was realized in the first quarter surprised all economists. Kadooğlu said that this shows Turkey’s economic power and dynamism to the world. “When we look at the second quarter, we see growth of 5 to 6 percent. This has not been announced officially, but TÜRKONFED fieldwork signals to the said rate. This year has motivated business people and the business world to invest in the Turkish economy.
In the wake of past difficulties, this is a positive development. Such a growth trend significantly improves morale and motivation in Turkey’s business world. In this regard, we anticipate that the next six months will continue in this direction. We are expecting the economic growth to be around 6 percent by year’s end, based on information we have gathered from our work and our economists. I think this is a very good point for the country as well as for developing countries around the world,” he said. Kadooğlu said TÜRKONFED estimates that the economy will grow around 6 percent this year, indicating that such growth would be very good for the country as well as for emerging countries. Emphasizing that growth will continue until the end of this year, Kadooğlu said that the 5-percent growth seen in the first quarter of the year is a huge accomplishment which improves morale among business professionals in the business world. He also stressed that the troubles experienced in Turkey over the past two years have been left behind and the country continues to move forward to broaden its horizons in terms of seizing opportunities.
