Turkey to Announce Record Growth of 7%

Turkey's Economy Minister Nihat Zeybekci makes a speech in Cologne, Germany, March 5, 2017. REUTERS/Wolfgang Rattay
Turkey's Economy Minister Nihat Zeybekci makes a speech in Cologne, Germany, March 5, 2017. REUTERS/Wolfgang Rattay
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Turkey to Announce Record Growth of 7%

Turkey's Economy Minister Nihat Zeybekci makes a speech in Cologne, Germany, March 5, 2017. REUTERS/Wolfgang Rattay
Turkey's Economy Minister Nihat Zeybekci makes a speech in Cologne, Germany, March 5, 2017. REUTERS/Wolfgang Rattay

Turkish Economy Minister Nihat Zeybekci expected that the total economic growth of 2017 would be announced as seven percent and that Turkey would come among the most growing countries globally. Zeybekci, in Sunday’s statements, said that the economic growth would be seven percent, and is forecast to reach record figures in 2018.

Official figures haven’t been announced yet, but the Turkish economy growth during the third quarter raised expectations of growth during the whole year (7.4 percent).

Zeybekci noted that he announced in the beginning of 2017 that the economy will be in the lead of most growing countries, and it did reach 11.1 percent in the third quarter of 2017 despite the global rating agencies forecasts that the rate would not exceed 2 or 2.5 percent, in best-case scenarios 5 percent.

Turkish economy witnessed a shrinkage of 4.7 percent in 2009, then achieved a 6.8 percent growth in the period extending from 2010 to 2016. At that time, Turkish growth surpassed that of the EU and G20 respectively 1.4 percent and 3 percent.

The highest growth rate was in 2011 (11.1 percent) and the lowest was in 2016 (2.3 percent), following the failed coup attempt mid-July.

In the same context, global rating agency Fitch Ratings expected Turkey’s economy to grow by 4.8 percent annually on average in the next five years. In its report titled “Investment and Demographics Key to EM Growth Potential,” Fitch provided a list of the 10 largest emerging markets in the world, in which Turkey ranked third in its forecast economic growth rate (4.8 percent).

India came on top among the 10 emerging markets in the report with a potential growth rate of 6.7 percent in the next five years. China and Indonesia jointly ranked second, both with a projected potential growth rate of 5.5 percent.

On another level, the Turkish Central Bank’s gold reserves have reached a record-high of 564.8 tons. Total reserves including foreign exchange and gold reached $107.7 billion in value at the end of 2017, up $1.6 billion from a year earlier.



EU States Agree on 14th Sanctions Package Against Russia

The European Union flag inside the atrium during an EU summit at the European Council building in Brussels, Monday, June 17, 2024. (AP Photo/Omar Havana)
The European Union flag inside the atrium during an EU summit at the European Council building in Brussels, Monday, June 17, 2024. (AP Photo/Omar Havana)
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EU States Agree on 14th Sanctions Package Against Russia

The European Union flag inside the atrium during an EU summit at the European Council building in Brussels, Monday, June 17, 2024. (AP Photo/Omar Havana)
The European Union flag inside the atrium during an EU summit at the European Council building in Brussels, Monday, June 17, 2024. (AP Photo/Omar Havana)

European Union countries agreed on a 14th package of sanctions against Russia over its war in Ukraine, diplomats said on Thursday, including a ban on re-exports of Russian liquefied natural gas (LNG) in EU waters.
Belgium, which holds the rotating EU presidency until July 1, said on the X platform that the package "maximizes the impact of existing sanctions by closing loopholes".
Countries debated the new measures for over a month and ultimately watered down one of the Commission's proposals, aimed at preventing even more circumvention, at Germany's prompting, Reuters reported.
The dropped measure would have forced subsidiaries of EU companies in third countries to contractually prohibit the re-exports of their goods to Russia. The EU is keen to stop the flow of dual-use technology such as washing machine chips that could be used by Russia for military purposes.
An EU diplomat said Germany had asked for an impact assessment, and the measure could be included at a later date.
The ban on trans-shipments is the first restriction the bloc has applied to LNG. However, gas market experts say the measure will have little impact as Europe is still buying Russian gas itself, and trans-shipments via EU ports to Asia represent only around 10% of total Russian LNG exports.
The package also tightens measures against the shadow fleet moving Russian oil outside the price cap on Russian crude set by the Group of Seven (G7) nations. EU countries added tankers to the list of sanctioned entities as well as at least two Russian-owned ships moving military equipment from North Korea, diplomats said.
Overall, 47 new entities and 69 individuals were added to the EU sanctions list, bringing the total to 2,200. The package is expected to be formally approved when EU foreign ministers meet on Monday, diplomats said.