Positive GDP predictions and a surge in foreign businesses setting up in Turkey is expected to stimulate investor interest in the country, thanks to growing demand for more residential and commercial real estate.
This week, a report by the Organisation for Economic Co-operation and Development (OECD) stated that Turkey will post the second highest GDP growth rate in 2014 among all OECD members. The report puts Turkey’s GDP growth at 4.6 per cent for 2014, the second highest in the organization, while predicting a 3.1 per cent growth for this year, both above the average figures for the OECD area. The OECD forecasts are slightly lower than those of the Turkish Government, which are four per cent for this year and five per cent for 2014.
Turkey is also one of the leading countries for creating new jobs, ranked third in the report, with an expected increase of 1.9 per cent in employment when compared with the previous year.
Meanwhile, Turkey has been tipped as a major partner in helping to develop the rail infrastructure in North Africa, the Middle East and Europe. Turkey is already investing heavily in its own railway infrastructure, with plans to double the length of its nationwide rail network to 26,000 kilometres.
Other promising news is that the level of foreign direct investment (FDI) arriving in Turkey each year is rising compared to other countries. The World Investment Report (WIR) 2013, prepared by the United Nations Conference on Trade and Development (UNCTAD), showed that Turkey has climbed two places to 24th in a table that ranks countries on FDI. Attracting $12.4 billion of FDI last year, the country ranked 14th among emerging economies and first among countries located in the western Asia region.