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Turkish economy is fastest growing in world

According to the latest data from Turkstat, Turkish GDP grew 11% in the year to end the first quarter of 2011. Before this Argentina’s 9.9% growth had made it the fastest growing economy in the world, but now this title passes to Turkey, leaving China to fall back to being the third fastest growing economy in the world.

When Turkish GDP grew 11.7% in the first quarter of 2010, critics said that this was simply because of the abysmal performance at the start of 2009 as Turkey fell officially into recession. Even the second quarter’s growth of 10.3% wasn’t enough, because it fell victim to the same reproach; that it was so strong because of weak growth in the previous year’s period. What are they left to say now I wonder?

According to the experts at the European Union and at the Organisation for Economic Cooperation and Development the Turkish economy is set to grow 6% this year, following last year’s 8.9%. But their predictions came before the exceptional first quarter performance, and this leaves us to wonder if they will now increase this prediction.

Turkey still faces the problems of big current account and trade deficits, but record exports in recent months are already starting to impact on these. We now know that manufacturing is the fastest growing sector, with a 21.4% increase in output in the year ending the first quarter, according to the same data from Turkstat. Strong manufacturing bodes well for continued export growth, and indeed the latest data shows that the monthly growth rate of 25% per month continued in May.

Source: novrealty.com

Publication date: 7/5/2011


 


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