FORECAST ABOUT TURKISH ECONOMY
Global Impact
Today, as a member of the G-20, NATO, European Council, and EU Candidate, Turkey has a critical role in the world's political, economic, military, and cultural habitat. According to the OECD and World Bank, Turkey has an $816 billion GDP value and represents 0.61% of the total world's economic growth.
Economic Strength: Geographical Advantage
If we consider Turkey's economic situation from different angles, the biggest strength point is its geographical advantage. From Istanbul to many capital cities of the EU, it is less than 1,000 km or a maximum of two-hour flight distance, which provides invaluable foreign trade and tourism capacity for the country. Meanwhile, Iraq, Iran, and Russia are important countries for Turkey's export volume, and they have a big contribution to the numbers. Total export volume of Turkey was 225 billion USD in 2021.
$45 Billion from Tourism and $6 Billion from Property Sales in 2021
Another important item for the Turkish economy is tourism, of course. In 2021, despite the pandemic's effect, the Turkish economy had a total revenue of $45 billion USD from 55 million foreign tourists. We also shouldn't forget about property sales to foreigners. In 2021, a total of 58,500 foreigners purchased apartments in Turkey, with a total transaction of around $6 billion. In 2022, the Turkish government would like to increase it to $15 billion USD and 75,000 unit sales at least.
Dependents on Energy Imports and Impact of Eurasian Conflicts
However, due to the lack of natural sources and fossil fuels, Turkey is unfortunately dependent on importing oil, gas, coal, and other natural sources from neighboring countries, especially Russia, Iran, and Iraq. Energy imports are the biggest reason for the current deficit in the Turkish economy. Another important problem for Turkey is civil or interstate wars in Eurasia, such as the Syrian Civil War or the Russia-Ukraine Conflict. Because of these problems, there is a continuous flow of refugees to the Turkish borders, and the Turkish government has to care for these people until the war ends.
Optimistic Forecasts for Turkish Economy in Near Future
The forecasts of the IMF and World Bank about the Turkish economy for the near future are pretty optimistic, and in the coming future, especially when all pandemic effects have passed, a boom effect is expected. According to the IMF, the expected GDP growth for the coming years has a positive outlook and will reach 1.33 trillion USD by 2026.
As EOS Turkey Property, we are expecting major growth in the upcoming period and invite investors around the world to discuss the opportunities.
Ersin Oksuzoglu .Founder of EOS Turkey Property