The Turkish government needs to increase its growth forecast after an 18.9% increase in industrial production in October, came the calls from Ali Babacan the Economy Minister.
“Industrial output increased by 9.8 percent in October. The recovery in Turkish industry started in October 2009, and now we see a significant increase in the industrial production index. This shows that we, as the government, need to revise year-end growth expectations upwards,” he said.
After a reminder that the Turkish economy grew 11% in the first half of 2010 Babacan went on to say:
“The European Union, the International Monetary Fund [IMF] and the Organization for Economic Cooperation and Development [OECD] indicate their year-end growth rate expectations for Turkey as 7.5, 7.8 and 8.2 percent, respectively. This shows that Turkey will be the fastest growing nation in Europe; both this year and next year. Turkey also has the lowest public debt to national income ratio in Europe.”
According to Aydin Cakir, director of Antalya based Turkish property agent New Home in Turkey, the economic growth adds another string to Turkey’s bow, making it even more attractive to overseas property buyers.
“While pure residential investment is growing, most who consider investing in Turkey property are looking at the holiday lettings potential. This class of investors is told to look for accessibility, a long season and a strong infrastructure on and off season. Turkey’s top destinations have always offered these things in abundance, and recently the number of flights is continuously increasing,” he said.
“A strong and stable economy is also something to be looking for, and while Turkey’s economy grew strongly during the boom, EU membership was hoped for to aid stability. But now, the reforms Turkey has made in aiming for EU membership have paid off in making it one of the strongest and most stable economies in Europe. We are predicting sales of property in Turkey to soar in 2011.
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