Türkiye's Economy Set to Surpass USD1.3 Trillion by 2024

Türkiye, a country straddling Europe and Asia, has been making headlines recently due to its impressive economic growth. As the nation approaches the end of 2024, the Vice President has announced that Türkiye's gross domestic product (GDP) is expected to exceed USD1.3 trillion. This remarkable achievement is not just a number; it reflects the hard work and determination of the Turkish people and their government.

During a business forum organized by the Foreign Economic Relations Board of Türkiye (DEIK), Cevdet Yilmaz, the Vice President, shared optimistic projections for the country's economic future. He stated that the GDP per capita, which is the average income per person, could potentially surpass USD15,000 by the end of this year. Looking further ahead, Yilmaz expressed hopes that by the fiscal year 2027-28, this figure could rise to over USD20,000.

Yilmaz highlighted the significant progress Türkiye has made as it approaches the 100th anniversary of its republic. The country has achieved record levels in various sectors, including production, employment, exports, and national income. Under the leadership of the Justice and Development (AK) Party since late 2002, Türkiye has maintained an impressive average annual growth rate of 5.4 percent, which is notably higher than the global average of 3.6 percent. This growth can be attributed to a combination of political stability, strong leadership, and effective economic policies that are both predictable and beneficial.

Reflecting on the past, Yilmaz pointed out that Türkiye's GDP per capita was significantly lower two decades ago. However, through consistent efforts and reforms, the nation has transformed into one of the world’s largest economies. He emphasized that political stability is crucial for economic stability, asserting that countries with cohesive political environments and sound policies are better positioned for rapid development.

For the current year, Türkiye's exports are projected to reach USD264 billion, while tourism revenues are estimated to hit USD60 billion. Yilmaz also acknowledged the country's strong position in the service sector and mentioned various government reforms aimed at attracting foreign investment. These reforms are expected to further bolster economic growth and enhance Türkiye's global standing.

Türkiye's economic outlook is indeed promising. The combination of political stability, effective leadership, and strategic reforms has set the stage for continued growth. As the country moves forward, it will be interesting to see how these projections unfold and what new opportunities arise for both the Turkish people and international investors. The journey of Türkiye serves as a reminder that with determination and the right policies, significant progress is achievable.