The Turkish economic system has maintained strong financial efficiency and continued to develop for 13 consecutive quarters, a senior official mentioned Saturday, emphasizing constructive figures recorded in 2023, significantly within the automotive sector.
“In the last 13 quarters, the Turkish economy has continued to grow. It is gratifying that, in a scenario where Germany contracted by 0.6% and the eurozone grew by around 0.5%, Türkiye achieved a growth rate of 4.7%,” Trade Minister Ömer Bolat mentioned.
Speaking on the fifth Commercial Diplomacy Awards Ceremony organized by the Foreign Economic Relations Board (DEIK) in Istanbul, Bolat said that world geopolitical tensions and the ensuing heavy inflation wave and the contraction in world commerce, together with stagnation within the world economic system, particularly monetary compression measures within the struggle towards inflation, have certainly prompted an opposed impact on the earth economic system.
“We feel these effects intensely in foreign markets. The more than 5% contraction in global trade here leads to a decline in the global economic growth rate to 3% and below,” he defined.
“Moreover, the negative impacts on employment were significant as we left behind the year 2023,” famous the minister.
“DEIK, in this regard, has always successfully fulfilled its duty with remarkable communication capacities, establishing business council platforms with counterpart organizations in almost every country in the world,” he added.
Bolat additionally identified the 2 organizations they’ve labored with most since assuming the workplace: DEIK and the Turkish Exporters Assembly (TIM).
“These two esteemed institutions have been our wings as we tirelessly worked to contribute more to Türkiye’s foreign trade and foreign service revenues in the countries we visited together,” he mentioned, aiming for the momentum to persist.
Referring to World Trade Organization (WTO) knowledge, Bolat talked about a 5.6% decline in world commerce in January-September 2023 in comparison with the identical interval in 2022.
“Global merchandise imports also declined by 6.2%. As a data point, in 2022, global merchandise exports were approximately $25 trillion, and global services exports were $7.5 trillion, totaling $32.5 trillion. In 2023, it is estimated that this figure will decrease by 4.5%, with a decline of $1.5 trillion, reaching $31 trillion,” he mentioned.
Global development slowdown
Regarding the Organisation for Economic Cooperation and Development (OECD) Global Growth Rate, he said that the typical for 2022 was 3.3%, with the EU and the U.S. beneath these figures.
It is predicted for this determine to be 2.9% in 2023, with early estimates for 2024 barely above 2.5%, he added. However, regardless of a considerably gloomy outlook, Bolat expressed hope for a livelier financial state of affairs and world commerce in the midst of 2024 and the second half.
Continuing his speech, he highlighted the achievements of Türkiye in numerous sectors underneath the ‘Century of Türkiye’ imaginative and prescient, emphasizing constructive figures in financial indicators for 2023.
He famous that Türkiye’s exports elevated by 5.9% within the third quarter of 2023, whereas the typical development over the previous 13 quarters stood at 4.7%.
He additionally talked about that Türkiye maintained the second place amongst G-20 international locations, with a gross nationwide earnings that “exceeded $1.075 trillion by the end of nine months.”
“Hopefully, when the Turkish Statistical Institute (TurkStat) announces the growth figures on March 1, we hope to see that we have exceeded the $1.1 trillion mark,” he mentioned.
In addition to financial achievements, Bolat shared statistics on numerous sectors, resembling tourism, automotive, logistics, gaming business, ceramics, development, agriculture and equipment exports.
“Our automotive sector broke the highest production, domestic market sales and export sales figures in the republic’s history. It broke the records with the production of 1.5 million vehicles, exports of $35 billion and domestic market sales of 1.25 million commercial vehicles,” he famous.
Similarly, the minister identified that Türkiye boasts a formidable logistics market with a complete market measurement of $100 billion. The sector holds the fifth place in Europe and ranks eleventh globally, he mentioned.
Along with this, Bolat highlighted vital overseas direct funding (FDI) within the gaming business. He mentioned this sector obtained overseas funding amounting to $362 million in 2023, being the fourth nation on the earth that receives essentially the most funding on this regard.
Share in world commerce
“In 2002, Türkiye had a 0.55% share of global trade, and by the end of 2022, it increased to 1.02%. By the completion of September 2023, we reached 1.06%. Our goal is to reach 1.30% by 2028,” the minister mentioned.
He additionally supplied historic context, highlighting the expansion of Türkiye’s exports from $50 million in 1923 to $2.9 billion in 1980, $1 billion month-to-month in 1987, and reaching almost $256 billion in 2023.
Highlighting that the medium-term program (MTP) goal of $255 billion was surpassed final yr, Bolat handed on the goal of reaching $267 billion in items exports this yr. He expressed hope in exceeding this goal with a 4.5-5% improve in exports, aiming to choose as much as $287 billion in 2025 and $302 billion in 2026.
Source: www.dailysabah.com