Turkey's Economy is among the 20
most Developed Countries in the World

Turkey’s economy ranking second among the 20 most developed countries in the world.

Vice President Fuat Oktay stated that the Turkish economy grew by 7% in the first quarter of 2021.

He used the following statements in his social media account:

Turkish economy grew by 7% in the first quarter of 2021. Turkey ranked at the top among OECD (Organization for Economic Co-operation and Development) countries with its first-quarter growth exceeding expectations

1. Trade Minister Mus shared the following statements in his social media account: Our exports continue to be the locomotive of growth.
2. The President of the administrative board of the union of chambers and commodity exchanges of Turkey Hisarciklioglu said: 7% growth is pleasing.
3. Industry and Technology Minister Varank shared the following statement: Our goal is to grow healthy by producing.
4. Treasury and Finance Minister Elvan shared the following statements in his social media account: 7% growth in the first quarter is an indicator of balanced and healthy growth.
5. The President of Ankara chamber of commerce Baran said: The foundation of the Turkish economy has been proven once again with 7% growth.
6. The president of Istanbul chamber of commerce Avdagic shared the following statements in his social media account: 7% first-quarter growth gave morale to all actors of the economy
7. Head of Foreign Economic Relations Board Nail Olpak said: Despite the epidemic, the composition of quality growth is pleasing.
8. The President of Emergency Health Services Coordination Commission Aydin shared as so: Turkey has become a preferred country in terms of production.
9. The President of Ankara Chamber of Industry Ozdebir said that: It is very important that we have a high growth despite the pandemic.
10. Independent Industrialists and Businessmen's Association President Kaan shared his thoughts as so: 7% growth confirms the confidence of the business world in the economy.
11. The President of Istanbul mercantile exchange Kopuz said that: The growth figure is an indication that we will complete 2021 above expectations.

Turkey’s economy, which grew by 7% in the first quarter of 2021, ranked 2nd among the 20 most developed countries in the world. Turkey is turning the epidemic into an opportunity and differentiating its economy positively. Turkey is growing and getting stronger day by day.

The Growth of Turkey's Economy in 2021

International credit rating agency Fitch Ratings was updating the forecast about the growth of Turkey's economy in 2021 and revised it to 6.7 percent from 3.5 percent.

The report of the credit rating agency Fitch Ratings "Global Economic Outlook" stated that it is expected that Turkey's economy will grow 6.7 percent in 2021, and 4.7 percent in 2022.

While Fitch Ratings revised their forecast about the growth of Turkey's economy in 2021 from 3.5 percent to 6.7 percent, they increased its growth expectation for 2022 from 4.5 percent to 4.7 percent as well. In its previous report published in December 2020, the Fitch rating institution stated that Turkey's economy is expected to grow by 3.5 percent in 2021 and 4.5 percent in 2022.

While Fitch Ratings was upgrading Turkey's inflation expectations from 10.5 percent to 11.5 percent by the end of 2021, they lowered its inflation expectation from 9.5 percent to 9.2 percent by the end of 2022.

Fitch Ratings predicted that the CBRT’s (Central Bank of the Republic of Turkey) policy rate will decline to 15.00 percent by the end of 2021 and 12.00 percent by the end of 2022.

Fitch estimated that the USD / TL exchange rate would be 7.25 by the end of 2021 and 7.50 by the end of 2022.