By. Justin Mays
Turkey’s economy grew by 1.8% in real terms in 2020 despite the sharp recessions caused by the coronavirus pandemic overall marking positive economic performance. It was one of the few cases worldwide where negative growth was not recorded in 2020 underscoring that few of the failures experienced by many countries during the pandemic took place in Turkey. That and more excellent outcomes and predictions were shared at the recent introductory meeting of the fifth series of the World Bank’s Turkey Economic Monitoring Report which included evaluations on the Turkish economy and suggestions for strong and inclusive growth in the future. Quoted in Anadolu Agency, Auguste Tano Kouame, the World Bank Country Director for Turkey emphasized that,
"This is actually a very important growth rate for large economies…Many countries have been grappling with the effects of this crisis. The global economy shrank by 4.3% last year, if you exclude China, we are talking about a 5% shrinkage."
Also participating in the presentation of the findings, David Knight, a senior economist at World Bank Macroeconomics, Trade and Investment Unit, noted that Turkey was the fastest growing country among the G-20 countries as of last year, adding the growth is expected to be 5% this year. Underlining the windows of opportunity for economic growth, he added that the fiscal situation of Turkey was relatively good in the past year and that the budget deficit was 3.5% which is much lower when compared to many other countries. He also emphasized that because of Turkey’s efforts and measures to realize a green economic transition, we can expect a positive effect on assets and balance sheets and a competitive advantage in ensuring a timely and effective economic recovery. Turkish citizenship by investment is possible at very fair rates in a steadily growing market.
