President Erdogan says Turkey targets to become 12th largest economy in 2019

President Erdogan says Turkey targets to become 12th largest economy in 2019
Posted on: 3 Jan 2019

In a speech he delivered at his party’s group meeting at the parliament, President Erdogan said Turkey’s target was to become 12th largest economy in 2019, based on PPP.

Referring to Turkey’s economic situation, the President also emphasized that the administration was determined to do all to pull the inflation rate to the targeted level, in 2019.

Despite negative economic developments the country has had to go through for a while, Turkey has substantially improved its exports performance and is expected to close the year with US$ 170 billion in exports. The President also drew attention to this point in his speech and underlined that it would be a new record in exports, in the history of Turkey. Turkey had achieved an export figure of US$ 157.05 billion in 2017.

On the other hand, another piece of good news shared by Erdogan had to do with the purchasing power parity (PPP) of the country. The President stated that Turkey targeted to rank 12th largest economy in 2019 according to PPP. Turkey is currently reported to rank 13th largest economy in this regard.

Referring to the latest developments the country had to go through the President noted that every step taken aimed to maintain the growth, development and strength of the economy and the country. In fact, Ministry of Treasury responsible for Turkey’s economy had recently taken some important steps providing substantial contribution to improvement in economy.

However, it seems that Turkey will need more time before the inflation declines to desired levels as the figure for November 2018 has been announced as 21.62 percent by Turkish Statistical Institute. Still the administration is determined to pull it down to 20.8 by the end of the year and 9.8 percent in 2020. The main target however is 6.0 percent in 2021.

When we look at the whole picture it seems very likely that 2019 will be a recovery year for Turkey to put the economy on the right track again.

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