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Future bright for Turkey - Goldman Sachs report just publishedPosted on 2008-11-28 02:31:52Turkey offers strong long-term growth potential, equal to that of many other N-11 and BRIC economies - Goldman Sachs' Turkey, if it keeps up with the proper policies, will become the ninth biggest economy in the world in 2050, according to a report by Goldman Sachs, a leading global investment banking, securities and investment management firm. Turkey, which ranks 18th with its nominal gross domestic product, or GDP, as of 2007, will increase its national income to $5.9 trillion, surpassing the Group of Seven, or G7, countries like Japan, Germany, Italy, France and Canada by 2050. Turkey's current national income stands at $660 billion. Meanwhile according to the data compiled by Goldman Sachs, including its world economic projection report, China is expected to become the world's largest economy with a nominal GDP of $70 trillion in 2050. It is predicted that the United States, India, Brazil, Russia, Indonesia, Mexico, United Kingdom, and Turkey will follow China in that order. Income per capita By 2024, Turkey's per capita income will climb to $20,000-25,000, claims the report. Turkey's per capita national income is expected to surpass $30,000 in 2033, and $40,000 in 2040, reaching the $60-65,000 level by 2050, adds Goldman Sachs. The growth rates of the E7 bloc of emerging economies, which includes Turkey, China, India, Brazil, Russia, Indonesia and Mexico, will surpass those of the United States, European Union, G7 and the Organization for Economic Co-operation and Development, or OECD by 2050, the data revealed. The countries including Turkey will catch up with the industrialized countries in 2025 and start to surpass them in 2030. The national currencies of the emerging markets, including Turkey, are also expected to gain 2 to 2.5 percent in value annually. Economic balance The emerging markets will become the driving force and will balance the world economy, according to the report. Besides their increasing foreign trade volumes, the seven emerging markets will also loom large with the investment they draw. In terms of rapid economic growth, Turkey will rank just after the BRIC countries, which are Brazil, Russia, India and China, according to the estimates in the report. Turkey has developed a more competitive economy due to structural reforms and new laws, which provide a prominent infrastructure in terms of high growth. Turkey, in regards to rapid growth, ranks right after China, according to the Goldman Sachs report, which also reveals that Brazil has the lowest growth rate in this group. The countries that have younger populations, such as Turkey, Mexico and Brazil, have higher growth potential compared to China, India and Indonesia. Following Turkey, countries, such as South Korea, Egypt, Iran, Pakistan, Vietnam, Philippines and Nigeria will also loom large with their growth rates. Turkey and South Korea have higher potential in terms of surpassing the industrialized countries, according to the report. |
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