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Turkish economy projected to finish in world's top 3

Staff Writer |
Turkey is expected to place in the top three among all economies around the world, Economy Minister Nihat Zeybekci said.

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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.

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