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)
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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.



Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
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Egypt Plans $1 Billion Red Sea Marina, Hotel Development

This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)
This picture shows a partial view of Egypt's Red Sea city of Sharm el-Sheikh, October 7, 2025. (AFP)

Egypt announced plans on Monday for a new $1 billion marina, hotel and housing development on the Red Sea in a bid to boost the region's tourist industry.

Construction on the "Monte Galala Towers and Marina" project would ‌start in ‌the second ‌half ⁠of the ‌year and run for seven years, Ahmed Shalaby, managing director of the main developer, Tatweer Misr, said.

The 10-tower development - a partnership with the ⁠housing ministry and other state bodies ‌including the armed ‍forces' engineering authority - ‍would cost about 50 ‍billion Egyptian pounds ($1.07 billion), he added.

The project, also announced by the cabinet, will cover 470,000 square meters on the Gulf of Suez, about ⁠35 km south of Ain Sokhna, Shalaby said.

Egypt aims to boost total tourist arrivals to around 30 million by 2030, from around 19 million recorded by the tourism ministry in 2025.


Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
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Saudi-Polish Investment Forum Explores Prospects for Economic and Investment Cooperation

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA
The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation - SPA

The Saudi-Polish Investment Forum was held today at the headquarters of the Federation of Saudi Chambers in Riyadh, with the participation of Minister of Investment Khalid Al-Falih, Minister of Finance of the Republic of Poland Andrzej Domański, and Vice President of the Federation of Saudi Chambers Emad Al-Fakhri.

The forum brought together government officials, business leaders, and investors from both countries with the aim of enhancing economic cooperation, expanding investment partnerships in priority sectors, and exploring high-quality investment opportunities that support sustainable growth in Saudi Arabia and Poland.

During a dedicated session, the forum reviewed economic and investment prospects in both countries through presentations highlighting promising opportunities, investment enablers, and supportive legislative environments.

Several specialized roundtables addressed strategic themes, including the development of the digital economy, with a focus on information and communication technologies (ICT), financial technologies (fintech), and artificial intelligence-driven innovation, SPA reported.

Discussions also covered the development of agricultural value chains from production to market access through advanced technologies, food processing, and agricultural machinery. In addition, participants examined ways to enhance the construction sector by developing systems and materials, improving execution efficiency, and accelerating delivery timelines. Energy security issues and the role of industrial sectors in supporting economic transformation and sustainability were also discussed.

The forum witnessed the announcement of two major investment agreements. The first aims to establish a framework for joint cooperation in supporting investment, exchanging information and expertise, and organizing joint business events to strengthen institutional partnerships.

The second agreement focuses on supporting reciprocal investments through the development of financing and insurance tools and the stimulation of joint ventures to boost investment flows.

The forum concluded by emphasizing the importance of continued coordination and dialogue between the public and private sectors in both countries to deepen Saudi-Polish economic relations and advance shared interests.


Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Rises as Dollar Slips, Focus Turns to US Jobs Data

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices rose on Monday, buoyed by a softer dollar as investors braced for a week packed with US economic data that could offer more clues on the US Federal Reserve's monetary policy.

Spot gold rose 1.2% to $5,018.56 per ounce by 9:30 a.m. ET (1430 GMT), extending a 4% rally from Friday.

US gold futures for April delivery also gained 1.3% to $5,042.20 per ounce.

The US dollar fell 0.8% to a more than one-week low, making greenback-priced bullion cheaper for overseas buyers.

"The big mover today (in gold prices) is the US dollar," said Bart Melek, global head of commodity strategy at TD Securities, adding that expectations are growing for weak economic data, particularly on the labor front, Reuters reported.

Investors are closely watching this week's release of US nonfarm payrolls, consumer prices and initial jobless claims for fresh signals on monetary policy, with markets already pricing in at least two rate cuts of 25 basis points in 2026.

US nonfarm payrolls are expected to have risen by 70,000 in January, according to a Reuters poll.

Lower interest rates tend to support gold by reducing the opportunity cost of holding the non-yielding asset.

Meanwhile, China's central bank extended its gold buying spree for a 15th month in January, data from the People's Bank of China showed on Saturday.

"The debasement trade continues, with ongoing geopolitical risks driving people into gold," Melek said, adding that China's purchases have had a psychological impact on the market.

Spot silver climbed 2.9% to $80.22 per ounce after a near 10% gain in the previous session. It hit an all-time high of $121.64 on January 29.

Spot platinum was down 0.2% at $2,092.95 per ounce, while palladium was steady at $1,707.25.

"A slowdown in EV sales hasn't really materialized despite all the policy softening, so I do see that platinum and palladium will possibly slow down," after a bullish run in 2025, WisdomTree commodities strategist Nitesh Shah said.