Türkiye's Economy Is Expected to Boom in 2022
Last Updated: 2023-07-27Türkiye's Economy Is Expected to Boom in 2022
Türkiye is expected to continue to grow, taking advantage of young demographics and other factors, including an increased influx of foreign investment. Consequently, this will push Türkiye to the fifth place in the world in 2030, according to the spanish magazine (muynegocios y economia), as Türkiye enjoys the preponderance of young people, dynamism, stability and continued economic growth.
In this article you will read:
-Türkiye is part of the G20.
-Türkiye is an oil country.
-How did Türkiye attract thousands of investors?
-Turkish economy in numbers.
-Türkiye's economic objectives.
-
Türkiye Is Part of the Group of Twenty:
The G20 is the premier forum for international economic cooperation, with leaders from all continents representing developed and developing countries. Together, G20 member states account for about 80% of world economic output, two thirds of the world's population and three quarters of world trade volume. Representatives of the Group's states are meeting to discuss financial, social and economic issues.
The group includes the United States, Türkiye, Canada, Mexico, Brazil, Argentina, France, Britain, Germany, Italy, South Africa, Saudi Arabia, Russia, China, Japan, South Korea, India, Indonesia, Australia and the European Union.
-
Türkiye Is an Oil Country:
Türkiye is working to enhance its energy security by discovering more local energy sources and increasing reliance on renewable alternatives:
-
Petroleum Wealth:
In order to reduce the amount of oil imports of more than 360 million barrels per year, Türkiye continues the oil exploration process it has begun since 1970, according to Turkish economist Özcan Uysal. It intensified through the Turkish Petroleum Corporation (TPAO) after the AKP came to power in 2002, and "promises" of discovery and extraction has begun since 2013, bringing daily production to more than 50,000 barrels per day. Nevertheless, hopes are high for the Black Sea and the Mediterranean Sea oil, along with the fields discovered in Siirt Province and Diyarbakır in southeastern Türkiye.
-
Gaz:
So far, a 30-year lasting natural gas reserve has been discovered in Türkiye that meet the needs of all houses in Türkiye, estimated at 540 billion cubic meters. This reserve revealed the discovery of Türkiye's largest gas well, the Sakarya's well, which is considered the largest gas discovery in Türkiye recently. In conjunction with the continuing research and exploration work in the Black Sea, 20% of the pipes needed to extend the pipeline, which will be about 170 kilometres long, arrived last weekend. The 6-10 well pipelines will be connected to the undersea production system in Sakarya's gas field and reach the shore as a single line, as it will produce 10 million cubic metres of gas per day from these wells and be given to Türkiye's natural gas network in 2023. The highest level of production in the Black Sea is expected to reach in 2027-2028, with 40 million cubic metres of gas per day and about 15 billion cubic metres of gas on an annual basis in this period.
-
Clean Energy:
Türkiye and Russia signed a cooperation agreement in December 2010 on the construction and operation of the Akkuyu plant in Mersin, as this massive project will cost about $20 billion and contribute to enhancing Türkiye's energy security and creating new job opportunities. The plant is expected to come into operation by 2023 after laying of its foundation stone in April 2018, which in turn will provide 10% of Türkiye's electricity needs in 2023, and the rest of the units until 2026 with a one-year interval.
-
How Did Türkiye Attract Thousands of Investors?
The password for attracting foreign investment to Türkiye is "government facilities", investors chose to Türkiye as a result of the facilities provided by the Turkish government and still providing, such as the granting of Turkish citizenship to foreign investors in certain cases specified by Turkish law.
Of these, a foreign investor with a bank deposit of $500,000 has the right to obtain citizenship, thereby enhancing the activities of the Turkish banking sector. Moreover, Turkish citizenship is granted to every resident investor who has a project and employs, at least, 50 Turkish employees, or through a real estate investment of US$400,000.
The Turkish government has not stopped expanding the granting of facilities to the investor, confirming in one of its statements that it will work to give investors the "Turquoise Card", through which it provides them with several facilities such as residence permits and work permits.
As a result of all these facilities, foreign investment has reached more than $165 billion since 2003.
Türkiye also takes into account all financial potential of investors and provides a climate suitable for all levels, providing in its law the possibility of investing in amounts starting at only 10,000 Turkish liras at a minimum for the project.
-
Turkish Economy in Numbers:
Türkiye's economy is characterized by growth and development; when the republican government was established in the 1920s, Türkiye was almost only a fully agricultural country. Thanks to government policy, the number of factories increased from 118 in 1923 to more than 1,000 in 1941.
Today, Türkiye has more than 30,000 factories, but agriculture has remained an important economic activity, providing 58% of the country's total labour force.
However, agricultural production accounts for only about 20% of the value of all goods and services produced in Türkiye. In addition, the industry absorbs only about 11% of the total volume of the country's labour force, but the value of industrial production revenues exceeds that of agricultural production.
Türkiye's public sector controls communications, railways, airports and important public facilities. Also, the state controls the steel industry, mining, forestry, most banking departments, and nearly 400,000 hectares of agricultural land. The private sector owns the vast majority of farms, small factories and construction companies.
Since 1963, the State has steered the growth of the national economy through a series of successive five-year plans, as it aims to expand the role played by the industrial private sector in the national economy.
-
Türkiye's Economic Objectives:
Türkiye was ranked 13th among the G20 "Group of Twenty", but aspires to become one of top ten according to vision 2023, which coincides with the 100th anniversary celebrations of the founding of the Turkish Republic. Türkiye aims to raise GDP to $2 trillion, the ability to enter 197 countries without a visa, and to increase its per capita income to $30,000 a year.
One of the main factors contributing to Türkiye's 2023 dream is the launch of a series of major projects, most of which rely on the public-private partnership, most notably (Istanbul Airport, Istanbul Canal, Artificial Islands, Akkuyu Nuclear Power Plant, Smart Cities).
Edited by Mersat Real Estate Team ©
Related articles:
- Cheapest apartments for sale in Turkey 2020 - 2021
- Buying a house in Turkey 2020 - 2021
- Real estate residence permit in Turkey 2020-2021
- The journey to get Turkish real estate citizenship step by step
- Legal guide for foreigners in real estate ownership in Turkey
- What taxes are paid when buying an apartment in Turkey 2020 - 2021
- Are you looking for apartments for sale in Istanbul 2021 AD?
- Istanbul apartments prices 2020 – 2021
- Invest your money in Istanbul for these reasons
Residence in Turkey by buying a property |Cheap apartments for sale in Turkey | Real estate prices in Turkey | Buying a property in Turkey
Real estate Articles
Real estate News
