Economy of Turkey

Citing a rebound in domestic demand and strong exports, the European Bank for Reconstruction and Development (EBRD) has raised its 2021 growth forecast for Turkey.

The Turkish economy is projected to expand by 9% in 2021, revised upwards 3.5 percentage points from its previous forecast, according to the EBRD's latest Regional Economic Prospects report published on Nov. 4. 

An artwork titled "Anamorphosis Atatürk," made by Czech sculptor Patrik Prosko with the contributions of Temmer Marble, will be on display at the Rahmi M. Koç Museum from Oct. 29.

The artwork, prepared by the combination of 539 pieces from 93 different themes, symbolizes the life and values of the founder of the Turkish Republic, Gazi Mustafa Kemal Atatürk.

Turkey will earn nearly 7 tons of gold from a newly discovered mine in the northwestern province of Bilecik when the production capacity reaches its peak in 2024, the head of the mine's operator firm told Demirören News Agency on Oct. 23.

"We want to cast the first gold bullion at the end of 2022 and bring it to the Turkish economy," said Gübretaş President Fahrettin Poyraz.

S&P on Oct. 22 affirmed Turkey's long-term foreign currency rating at "B+" and long-term local currency rating at "BB-," with a stable outlook.

The stable outlook considers the risks from Turkey's economic imbalances, but these are partly offset by the resilience of Turkey's private sector and the manageable stock of net general government debt, the global rating agency said.

Turkey's share in global exports has surpassed 1% for the first time in its history, the country's trade minister announced on Oct. 19. 

"This figure was 0.14% in 1980 and 0.43% in 2000. Turkish products are now exported to all over the world," Mehmet Mus said on Twitter, citing data from the World Trade Organization and the Turkish Statistical Institute (TÜİK).

Despite pandemic-driven bottlenecks in the global supply chain, Turkey's rapid economic recovery, its progress in vaccinating its population against COVID-19, and its strong industrial production trends have resulted in international organizations revising their 2021 growth forecasts for the country.

The World Bank has raised its gross domestic product (GDP) growth forecast for Turkey in 2021 to 8.5 percent.
In its July projection, the bank had pointed to an expansion of 5 percent, according to Europe and Central Asia Economic Update released on Oct. 5.

"Turkey's economy was one of the few to avoid a contraction last year, partly owing to substantial credit expansion.

A new era in the BIST sustainability Index is set to begin in Borsa Istanbul, as companies will be able to update their sustainability data throughout the year.

Rahmi M. Koç Museum is hosting the "Dolls" exhibition, which sheds light on the journey of dolls, the most important milestones of the toy industry from the ancient ages to the present.

International credit rating agency Standard & Poor's (S&P) raised its gross domestic product growth forecast for Turkey to 8.6% in a fresh report released late on Sept. 27. 

While the agency's previous forecast had been 6.1% for 2021, it did not change its forecasts for 2022 and 2023, keeping them at 3.3% and 3.1%, respectively.