According to the UN, World Economic Status and Prospects Report; while the economies of developed countries shrunk by 5.6 percent last year, the economies of developing countries also contracted by 2.5 percent. The pandemic caused 4.3 percent shrinkage in the world economy last year.
Turkey’s economy, while the world spent 2020 with the pandemic crisis, left the last year behind with a growth of 1.8 percent.
Aegean Exporters’ Associations (EİB) Coordinator Chairperson Jak Eskinazi said that Turkey achieved a growth rate of 6.7 percent in the third quarter, that is one of the fastest growing economies of the G20 and OECD countries.
Eskinazi said, “Turkey’s economy grew by 5.9 percent in the last quarter and completed the year of 2020 with a growth rate of 1.8 percent. Our country became the second fastest growing economy in the world after China in 2020. The items in which the growth occurs are also important. There is an increase of 4.8 percent in the agricultural sector and 2 percent in the industry. According to the analysis of the international rating agency, forecast growth of Turkey’s economy had gained momentum in 2020 and would have gone forward in the coming years.”
Pointing out that despite the pandemic conditions in 2020, Turkish economy had an export performance of 169.5 billion dollars, Eskinazi noted, “Meanwhile Turkey has reached to 15.5 billion dollars in the first month of this year, that is an all-time high in January export figures.”
“The IMF foresees that Turkey’s economy will be growing by 6 percent in 2021. While all developed economies face with a real recession, the share of export sector takes a large part in the positive expectation of Turkey’s prospective growth. The biggest driving force and supporter of the growth figures has been exports. We have reached this positive growth data that will differentiate our country from the world with many measures and supports implemented in the pandemic, with the new methods we have developed in trade and with our digitalization moves. Our goal is not high-speed growth, but high-quality sustainable economic growth,” Eskinazi added.
Turkey’s economic performance in 2020 was as follows:
First quarter: 4.5 percent growth
Second quarter: 9.9 percent contraction
Third quarter: 6.7 percent growth
Fourth quarter: 5.9 percent growth