Turkish Economy Targets 10th Place Worldwide by 2023

A money changer counts Turkish lira bills at a currency exchange office in Istanbul. (Reuters)
A money changer counts Turkish lira bills at a currency exchange office in Istanbul. (Reuters)
TT

Turkish Economy Targets 10th Place Worldwide by 2023

A money changer counts Turkish lira bills at a currency exchange office in Istanbul. (Reuters)
A money changer counts Turkish lira bills at a currency exchange office in Istanbul. (Reuters)

The Turkish government aims to push its economy to the tenth place in the world, and the third in Europe by 2023. Turkish Economy Minister Nihat Zeybekçi stated that an International Monetary Fund (IMF) report issued last week showed that the Turkish economy has ranked 13th in the world and fifth in Europe.

According to the report, the GDP in Turkey hit $1.51 trillion based on purchasing power, compared with $1.5 trillion in Spain in 2012.

The minister pointed out that the time didn’t help rating agencies to renew speculation about the growth and development of the Turkish economy, noting that some agencies expected a growth of 2 percent in 2017, while others predicted a 2.8 percent, and 3 percent growth, yet, the economy grew by 5 percent in the first quarter.

Zeybekçi expected his country’s economy to grow between 5.1 and 5.5 percent in the second quarter, pointing out that growth would reach 7.5 percent in the third quarter.

According to the IMF report, the projected GDP in Turkey will reach $2.08 trillion by the end of 2017, followed by Italy with $2.3 trillion, France with $2.83 trillion, Britain with $2.91 trillion and Germany with $4.13 trillion. The report also estimated Turkey's purchasing power in 2017 to stand at $25,780, compared with $16,900 in 2010. Turkey aims to raise the average income per capita from about $10,000 currently to $25,000 in 2023.

The trade volume of the Aegean region, western Turkey during the first half of this year hit about $21 billion. According to the customs department’s data, the value of exports to the Aegean region reached $10.667 billion during the first half of 2017, while imports were $10.449 billion.

The Aegean region is one of Turkey's seven regions located in the western part of the country. It includes eight states: Izmir, Afyon, Aydin, Denizli, Manisa, Kutahya, Mugla and Oshak.

On the other hand, the Turkish Leather Exporters' Federation announced that exports of Turkish leather amounted to $858 million during the last seven months of 2017, and the shoe sector acquired $470 million of them.

Shoe exports to the Russian Federation reached $18 million in the same period last year, while it surged by $129 to $41 million in 2017. As a result, the Russian market has become the second importer of Turkish shoes after Iraq.

"Exports of the Turkish shoe industry are increasing every year. Turkish shoes are exported to 160 countries, and we can exceed $1 billion in the short term," said the federation’s chairman.

He pointed out that Russia is one of the most important markets in the Turkish shoe industry and will be participating for the first time at the Euro Shoes exhibition in Moscow in February and August of 2018.

Farouk Hanoglu, head of the shoes industry association in the Aegean region said that the shoe industry provides jobs for 200,000 people, adding that the exhibition and the quality of shoes made the Russian market top the export list.

On the other hand, Minister of Culture and Tourism of Turkey Numan Kurtulmuş said that the number of tourists who visited Turkey during the first six months of this year exceeded 15 million and that tourism income since the beginning of the year was over $9 billion.

He added that six million tourists visited Istanbul during the first seven months of this year, among them were 500,000 Germans.

Kurtulmuş explained that Turkey aims to boost the number of tourists to 50 million by 2023, and the tourism income to $50 billion.

The culture and tourism minister stressed the importance of work to diversify tourism in the country, noting that Turkey is already investing in various types of tourism, such as health, sports, religious, mountain, winter tourism and more.



Saudi Arabia Among Top 10 Investors in Tunisia With Over $375 Mln

 Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef speaks during the business forum in Riyadh (Asharq Al-Awsat)
Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef speaks during the business forum in Riyadh (Asharq Al-Awsat)
TT

Saudi Arabia Among Top 10 Investors in Tunisia With Over $375 Mln

 Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef speaks during the business forum in Riyadh (Asharq Al-Awsat)
Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef speaks during the business forum in Riyadh (Asharq Al-Awsat)

Saudi investments in Tunisia have gathered momentum over recent years, placing the kingdom among the country’s top 10 foreign investors, with cumulative investments surpassing $375 million by the end of 2024.

The figures were disclosed at the Saudi-Tunisian Business Forum, held in Riyadh on Monday on the sidelines of the 12th session of the Saudi-Tunisian Joint Committee, where officials and business leaders met to explore ways to deepen investment ties between the two countries.

The forum was attended by Saudi Minister of Industry and Mineral Resources Bandar bin Ibrahim Alkhorayef and Tunisia’s Minister of Economy and Planning, Dr. Samir Abdelhafidh.

The forum was organized by the Ministry of Industry and Mineral Resources in cooperation with the Ministry of Investment and the Federation of Saudi Chambers, with the participation of official delegations and more than 300 representatives from the public and private sectors in both countries.

High-level visits

In his opening remarks, Alkhorayef emphasized the strength of long-standing Saudi-Tunisian relations, which are rooted in the shared vision of the two countries’ leaderships and reinforced by high-level reciprocal visits.

He said these visits had formed a cornerstone in supporting economic momentum and driving recent growth in bilateral trade.

Alkhorayef described the Saudi Tunisian Business Forum as an important milestone for enhancing investment partnerships and transforming promising opportunities into projects with tangible economic impact.

“We are betting today on investors, business leaders, and private sector champions in both countries to lead growth in promising sectors, including advanced industries, tourism, renewable energy, and mining,” he said.

“Our role as governments is to enable, legislate, and facilitate procedures, while the private sector’s role is to build, innovate, and turn these enablers into productive projects, job opportunities, and shared success stories that reflect the value and depth of the partnership, toward comprehensive economic integration based on the competitive advantages of both countries.”

Investment fundamentals

For his part, Abdelhafidh said the Saudi Tunisian Business Forum serves as a practical platform for strengthening investment partnerships, noting the steady rise in Saudi investments in Tunisia in recent years, with the kingdom among the top 10 investing countries and total investments exceeding $375 million by the end of 2024.

He said Tunisia offers competitive investment fundamentals, including a strong pool of engineering and technical talent, as well as the capacity to absorb large-scale projects, particularly in renewable energy, automotive and aerospace components manufacturing, pharmaceuticals, and the food industry.

Supply chains

In a related context, Saudi Tunisian Business Council Chairman Dr. Omar Al Ajaji highlighted the importance of the private sector’s role in strengthening economic cooperation between the two countries.

He said the forum helps business communities explore promising opportunities and opens broader horizons for integration in key sectors, particularly industry, technology, and supply chains.

Also speaking at the forum, Dr. Samir Majoul, President of the Tunisian Union of Industry, Trade, and Handicrafts, emphasized the need to create a regulatory environment conducive to investment and to establish sustainable strategic partnerships that foster trade and investment flows between the kingdom and Tunisia.

The Saudi-Tunisian Business Forum reflects the two countries’ shared vision of building effective investment partnerships that expand cooperation and economic integration, support growth in bilateral trade, align with the goals of Saudi Vision 2030, and advance comprehensive and sustainable development in both countries.


Iran's Central Bank Chief Resigns

A man walks past a sign at a currency exchange bureau as the value of the Iranian rial drops, in Tehran, Iran, December 20, 2025. (Via Reuters)
A man walks past a sign at a currency exchange bureau as the value of the Iranian rial drops, in Tehran, Iran, December 20, 2025. (Via Reuters)
TT

Iran's Central Bank Chief Resigns

A man walks past a sign at a currency exchange bureau as the value of the Iranian rial drops, in Tehran, Iran, December 20, 2025. (Via Reuters)
A man walks past a sign at a currency exchange bureau as the value of the Iranian rial drops, in Tehran, Iran, December 20, 2025. (Via Reuters)

Iran's central bank chief, Mohammad Reza Farzin, has resigned, the semi-official ​Nournews agency reported on Monday, citing an official at the president's office, as the country battles a slump in its rial currency and high inflation.

The rial, which has been falling as the Iranian economy has suffered from the impact of Western sanctions, fell to a ‌new record low on ‌Monday at around 1,390,000 ‌to ⁠the ​dollar, according ‌to websites displaying open market rates.

Iranian media outlets reported there had been demonstrations in the capital Tehran, mainly by shop owners, against the economic situation.

Farzin has headed the central bank since December 2022. His resignation will be reviewed by President Masoud ⁠Pezeshkian, the official added, according to Nournews.

Iranian state media reported ‌later on Monday, citing the communications ‍and information deputy ‍at the Iranian president's office, that former Economy ‍Minister Abdolnaser Hemmati will be appointed as the new central bank chief.

Iranian media have said the government's recent economic liberalization policies have put pressure on the ​open-rate currency market.

The open-rate market is where ordinary Iranians buy foreign currency, whereas businesses typically ⁠use state-regulated rates.

The reimposition of US sanctions in 2018 during President Donald Trump's first term has harmed Iran's economy by limiting its oil exports and access to foreign currency.

The Iranian economy is at risk of recession, with the World Bank forecasting GDP will shrink by 1.7% in 2025 and 2.8% in 2026. The risk is compounded by rising inflation, which hit a 40-month high of ‌48.6% in October, according to Iran's Statistical Center.


Lebanon Signs Deal to Purchase Natural Gas from Egypt

A diesel storage tank is seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. REUTERS/Amr Abdallah Dalsh
A diesel storage tank is seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. REUTERS/Amr Abdallah Dalsh
TT

Lebanon Signs Deal to Purchase Natural Gas from Egypt

A diesel storage tank is seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. REUTERS/Amr Abdallah Dalsh
A diesel storage tank is seen at the Middle East Oil Refinery Company (MIDOR) in Alexandria, Egypt, November 7, 2018. REUTERS/Amr Abdallah Dalsh

Lebanon said Monday it plans to purchase natural gas from Egypt, seeking to reduce its reliance on fuel oil for its ageing power plants in a country hamstrung by regular electricity cuts.

The electricity sector has cost Lebanon more than $40 billion since the end of its 1975-1990 civil war, and successive governments have failed to reduce losses, repair crumbling infrastructure or even guarantee regular power bill collections.

Residents rely on expensive private generators and solar panels to supplement the unreliable state supply.

Prime Minister Nawaf Salam's office said in a statement that the memorandum of understanding between Lebanon and Egypt sought "to meet Lebanon's needs for natural gas allocated for electricity generation".

It was signed by Lebanese Energy Minister Joe Saddi and Egyptian Petroleum Minister Karim Badawi, according to AFP.

"Lebanon's strategy is first to transition to the use of natural gas, and second, to diversify gas sources," Saddi said, adding that "the process will take time because pipelines need rehabilitation".

Lebanon will "contact donor agencies to see how they can help finance the rehabilitation" of the Lebanese section of the gas pipelines, he said, adding that repair work would take several months.

President Joseph Aoun said the memorandum of understanding was "a practical and essential step that will enable Lebanon to increase its electricity production".

A statement from Cairo's petroleum and mineral resources ministry said that "Egypt is fulfilling its role in supplying Lebanon with natural gas, with the aim of supporting energy security for Arab countries".

In 2022, Lebanon signed a deal to import natural gas from Egypt and Jordan via Syria to boost power supply, but the contracts were never implemented due to financing issues and US sanctions on Syria.

Washington recently lifted it Syria measures following the fall of longtime ruler Bashar al-Assad last year.

In April, Lebanon signed a $250 million agreement with the World Bank to modernise its electricity sector.