7/18/2013

Turkey to see second highest GDP growth among OECD members

Dünya – Turkey will post the second highest GDP growth rate in 2014 among the members of the Organisation for Economic Co-operation and Development (OECD), predicts the latest edition of the “Employment Outlook 2013” report by the organization. According to the report, despite the bleak projection for the majority of the members of the 34-country organization, a few countries, Turkey included, have managed to bring unemployment down to pre-crisis levels after a rebound in their economies.


The OECD report puts Turkey’s GDP growth at 4.6 percent for 2014, the second highest in the organization, while predicting a 3.1 percent growth for this year,both above the average figures, 1.2 percent and 2.3 percent, for the OECD area. The GDP growth forecast is slightly lower than that of the Turkish government, 4 percent for this year and 5 percent for the next.


Turkey’s annual GDP growth stood at 2.2 percent in 2012 following impressive growth rate figures of 9.2 and 8.5 percent in 2010 and 2011, respectively.


Turkey is also one of the leading countries for creating new jobs, the report states, ranking third with an expected increase of 1.9 percent in employment when compared with the previous year. The increase in employment will reach 2.7 percent in Turkey in 2014 while the OECD average remains at 0.5 percent for this year and 1 percent for the next. The Eurozone will see a decline in employment by 1 percent this year and 0.2 percent for 2014.


Turkey’s economy proved to be exceptionally resilient to the effects of the global economic crisis that broke out in 2008, thanks to prudent leadership and resolutely implemented structural reforms in the last 10 years. The country’s GDP increased by more than three-fold in the last decade, reaching USD 786 billion in 2012, up from 231 billion in 2002.

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