Economy of Turkey

The World Bank has revised upwards its 2023 and 2024 GDP growth estimates for the Turkish economy in its Europe and Central Asia Economic Update report.

The bank expects the Turkish economy to expand at 3.2 percent in 2023, up from a previous 2.7 percent, while it lifted its growth estimate for 2024 from 4 percent to 4.3 percent.

Türkiye's leading defense company Aselsan has organized a kite flying activity at its Disaster and Logistics Center for quake survivor children in the southern quake-hit province of Hatay, as part of the effort to boost their mental well-being.

In the aftermath of the disastrous quakes, Türkiye's leading defense company Aselsan has established a tent city with a 600-people capacity in Hatay with its own cold and heat-resistant tents.

Healthcare workers are on duty at the tent city, which has kindergartens, laundry and shower facilities.

Türkiye's first unmanned ground vehicle Barkan, developed by HAVELSAN under the coordination of the Defense Industries Presidency (SSB), has made its first guided missile firing.

The Trade Ministry has vowed to take necessary measures to prevent price increases and ease supply problems in the cement market.

The ministry said in a statement that it is monitoring developments in the construction sector, which has a considerable weight for the Turkish economy, adding that it is looking into the foreign trade angle.

The World Bank has forecast that the Turkish economy will grow 2.4 percent this year and that the GDP growth will accelerate to 4 percent in 2024.

According to the Washington-based development lender the Turkish economy grew 4.7 percent last year.

Turkish contractors were awarded a total of 454 projects worth $17.8 billion in 2022, data from the Trade Industry have shown.

The average size of the projects granted to Turkish companies abroad was $39.2 million.

Türkiye wants to cooperate with friendly nations and its allies in defense projects, Defense Industries Presidency head Ismail Demir has said.

Türkiye has reached its highest export figures ever in 2022 with $254.2 billion despite the global challenges, President Recep Tayyip Erdoğan said on Jan. 2.

A total of 41 Turkish defense companies will attend the fourth edition of the Azerbaijan International Defense Exhibition (ADEX), the region's largest event in the field of the defense industry and internal security.

The event will take place between Sept. 6 and 8 in the capital Baku.
A special section on a 2,800-square-meter area has been allocated to the "Turkish Pavilion."