Turkish economy projected to finish in world's top 3

By Ovunc Kutlu

NEW YORK (AA) – Turkey is expected to place in the top three among all economies around the world, Economy Minister Nihat Zeybekci said Wednesday.

After expanding 3.2 percent in 2016, the Turkish economy posted 5.2 percent and 5.1 percent growth in the first and second quarters of 2017, according to the Turkish Statistical Institute (TurkStat).

"Despite the coup attempt last year, the ring of fire in Syria and Iraq, and economic difficulties with Russia, we had an economy that expanded 3.2 percent in 2016," Zeybekci said at the World Business Summit New York organized by MUSIAD USA.

"Our growth rate in the third quarter can put us at No. 1 in the world. We can come in second place in the world for the fourth quarter growth. Even third place is not a bad performance for us," he said.

Turkey's growth surpassed perennial heavyweights, including the U.S., U.K. and Germany in the second quarter, which posted 2.2 percent, 1.7 percent and 2.1 percent year-over-year growth rates, respectively, according data from the Organization for Economic Cooperation and Development.

Turkey’s second quarter growth, however, fell behind China, which posted 6.9 percent, and India at 5.9 percent, the OECD said.

"Almost half of Turkey's growth in the second quarter was a result of exports and production. This is the growth style that we want to see, and we want to ensure its sustainability for 2018, 2019 and 2020," Zeybekci said.

Net exports grew 10.5 percent in the second quarter compared to the same period last year, according to TurkStat.

In the next decade, Turkey plans to invest $100 billion in healthcare, $150 billion in transportation and communication and $150 billion in energy, Zeybekci said.