Newsletters & Press

October 2021

The results of economic activity for September 2021 have enabled international financial organizations to refine growth forecasts for the current year. Two institutions have in fact revised upwards their forecasts for the Turkish economy: first of all the World Bank now forecasts growth of + 8.5% in 2021 (against + 5% previously) and the IMF is now considering +9 % growth (against + 5.8%).

A recent report published by Fitch Ratings confirms these figures and reflects the post-Covid-19 business opportunities that Turkey offers. The changes in world trade caused by the economic crisis linked to Covid-19 would be to the advantage of Turkey, which is positioned as the first beneficiary in Europe of the reorganization of value chains and the global supply chain. Many manufacturers and buyers are diversifying their sources of supply to secure themselves and opt for Turkey, which offers geographical proximity, a strong modern industry with diversified production. Recent examples of investment by foreign firms which aim to further increase their production capacities on the Turkish market, such as Hugo Boss or Ikea, demonstrate this strategic industrial shift and accentuate Turkey's position as a new European hub and regional sourcing.

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