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Articles

Forecast for Turkey: Economy to Grow by 5 -5.1% by the End of the Year

Written by: Bridgewest

Turkey-to-register-good-economic-growthAs the end of 2017 is closing in, many countries start drawing the line and verify their results; however, for some countries the last few months of this year will bring good news and better results. Among these countries there is Turkey which, according to the World Bank, will have an annual growth rate of 5-5.1%, higher than the 3.5% predicted at the beginning of the year. Foreign investors interested in starting businesses in this country can receive assistance from our company formation consultants in Turkey.

The third quarter of 2017 brought a significant increase to the Turkish economy

The International Monetary Fund (IMF) was the first organization to announce a significant economic growth for Turkey in 2017, however the official numbers showing the performance of the economy were not released yet.  Even so, representatives of the World Bank declared that once the reports are released the same 5 to 5.1% economic growth will be predicted.

The same performance was registered in the second quarter of this year and the last summer months and September followed the same ascending path, which is why the results are expected to follow the same line. These results are also due to the government which knew how to manage the economy and offer fiscal incentives to foreign investors, according to World Bank representatives. However, this growth would have not been possible without a strong European economy.

Our company registration agents in Turkey can help investors who want to open companies here.

Predictions for the Turkish economy in 2018

Even if at a slower pace, the Turkish economy is expected to continue growing next year, predictions indicating a 3.5 to 4% increase in 2018. However, the government is advised to “undertake structural reforms” in order to have good results.

Among these reforms, a restructuring of the employment market of the capital markets and an improvement of the management of public expenditure are among the recommendation made by the World Bank. A sounder education system is also necessary.

Turkish exports to European countries will continue growing next year, most the goods to be exported belonging to the high-tech sector.

If you want to set up a trading company in Turkey and need guidance, please contact us.

 

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