The Turkish economy in 2021 gained great momentum despite the global impacts of the coronavirus pandemic.
TURKEY ADVANCES TO 11TH PLACE IN THE WORLD ON GDP BASIS
The International Monetary Fund (IMF) has updated its GDP predictions for countries worldwide in its latest World Economic Outlook report for April 2021. As a result, the economic growth forecast for Turkey has been upgraded from 5.5% to 6% in 2021. This places Turkey among the top three emerging economies with the highest growth forecasts for 2021, after India and China, while also moving Turkey up to 11th globally in terms of GDP in purchasing power parity (PPP) terms in 2020, up from 13th in 2019.
THE GROWTH OF INDUSTRIAL PRODUCTION IN TURKEY CONTINUES IN 2021
The trend of rising industrial production is continuing in spite of the interruption in worldwide supply chains. The industrial production index in Turkey increased by 8.8% year-on-year in February 2021, the Turkish Statistical Institute (TurkStat) reported. This places Turkey among the G20 economies with the highest annual increase in industrial production in February 2021.
TURKEY RATES IN THE TOP FIVE ECONOMIES ACCORDING TO OECD INDICATORS FOR TURKEY
The most recent OECD Composite Leading Indicators (CLI) show that Turkey’s economy is one of the most powerful among the 33 countries in the index. In March 2021, according to the OECD CLI, Turkey is the fifth strongest country with a score of 101.77 points, behind only Chile, Brazil, Estonia and China. Turkey was on the list at the beginning of the Covid 19 pandemic with an indicator of 76.63 points. “Composite Leading Indicators” is a system created by the OECD to offer early turning point signals (peaks and troughs) of expansions and downturns in economic activity. The OECD produces CLIs for 23 member countries and 10 non-member countries, which include Russia, India and China. The Turkish economy in 2021
508 MILLION INVESTED IN TURKISH STARTUPS IN Q1 2021
61 startups received $508 million in total from angel investors and venture capital funds in Q1 2021, marking a record for the Turkish startup ecosystem.
Getir became the second most valuable unicorn in Turkey with a US$2.6 billion valuation, according to Startup.Watch’s “Q1 2021 Turkish Startup Ecosystem Quarterly Report”. Led by Dream Games, which received the most significant investment after Getir, an actor in the game industry, continued in 2021. They are followed by 15 game startups that received investments totalling $60 million in the first quarter. Turkey is 10th in Europe and 2nd in the Middle East and North Africa in the league of angel investors and venture capital.
INVESTMENT IN WIND ENERGY INCREASES IN TURKEY
Turkey is the fifth most invested country in Europe in wind energy in 2020, with investments of $1.2 billion. The WindEurope report “Financing and Investment Trends in the European Wind Industry in 2020” has been published. Although the impact of the new coronavirus pandemic was devastating, Europe spent €42.8 billion on new wind power installations in 2020. This is the second-highest annual total seen to date by the report. Investment in offshore wind farms reached a record high of €26.3 billion, funding 7.1 GW of new offshore capacity. Turkey also placed fourth in onshore wind investments, according to the report. Meanwhile, Turkey’s Minister of Energy and Natural Resources Fatih Dönmez stated that Turkey had increased its total capacity by 1,233 MW in the first quarter of 2021, of which 1,207 MW came from renewables, 97.9 per cent of the total capacity. The Turkish economy in 2021
Thanks to all these improvements and investments, it is possible to say that the Turkish economy in 2021 is way better than it is expected to be. If you would like to discover the investment opportunities in Turkey you can visit the official investment page of Turkey.