Turkey targets to reach exports of $190B in 2020
ISTANBUL-Anadolu Agency
Turkey’s exports in January exhibited a 5 percent increase from the same month of 2019 according to the current figures, İsmail Gülle, the head of the Turkish Exporters’ Assembly (
TİM), has said.
Data from TİM show that the country’s shipments stood at $13.2 billion in January last year.
Gülle noted that Turkey is targeting $190 billion worth of exports in 2020, after the country’s shipments hit a historic high of $180.5 billion last year.
“I’m confident that we’ll close out this year with a record in exports,” Gülle said in an interview with state-run Anadolu Agency on Jan. 9, adding that they are working toward this goal.
The government’s new economic program, released in September last year, forecasts that the country’s
export revenues will further climb to $202 billion next year.
The government expects exports to reach $202 billion in 2021 and rise to $213 billion in 2022.
Some 17,544 Turkish firms carried out exports for the first time, with exports totaling $4.5 billion, Gülle also noted.
Mentioning U.S. restrictions on steel imports and the narrowing EU car market, Gülle said these two factors cost Turkey $10 billion in 2019.
Touching on the ongoing Brexit process, he predicted that the Brexit deal will cause no significant problems for Turkish trade.
“There may be opportunities in Brexit. The U.K. decision will determine Turkey’s position. It’s important for us to manage this process well,” he added.
http://www.hurriyetdailynews.com/turkey-targets-to-reach-exports-of-190b-in-2020-150757
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World Bank: Turkey recovering 'faster than expected'
ANKARA-Anadolu Agency
A
World Bank report released late on Jan. 8 projected the Turkish economy would grow 3 percent in 2020 and 4 percent in 2021, rebounding from earlier financial turmoil at a faster pace than expected as domestic demand improves.
The bank revised its previous forecast that
Turkey would contract 1 percent in June 2019 to 0 percent in its latest Global Economic Prospects report.
"In Turkey, activity is rebounding from earlier financial turmoil at a faster-than-expected pace as domestic demand improves; however, the pickup remains fragile amid subdued confidence and investment." the report said.
Global growth is projected to reach 2.5 percent in 2020, slightly faster than the post-crisis low registered last year, it noted, adding that while growth could further strengthen if risks dampened with an easing in global trade tensions and sustained reduction in uncertainty.
In terms of emerging markets and developing economies (EMDEs), the report forecasted that EMDE growth would accelerate this year to 4.1 percent.
"This rebound is not broad-based; instead, it assumes improved performance of a small group of large economies, some of which are emerging from a period of substantial weakness," the report said.
It highlighted that a third of EMDEs were projected to decelerate due to weaker-than-expected exports and investment.
"Instead, it is largely predicated on a rebound in a small group of large EMDEs, most of which are emerging from deep recessions or sharp slowdowns caused by earlier financial pressures," it noted.
About 90 percent of this pickup in the bank's EMDE growth forecast was accounted for by only eight countries representing just a third of the subset's GDP, being Argentina, Brazil, India, Mexico, Russia, Saudi Arabia and Turkey, it said.
"With growth in emerging and developing economies likely to remain slow, policymakers should seize the opportunity to undertake structural reforms that boost broad-based growth, which is essential to poverty reduction," said Ceyla Pazarbaşıoğlu, World Bank Group Vice President for Equitable Growth, Finance and Institutions.
She emphasized that steps to improve the business climate, rule of law, debt management and productivity could help achieve sustained growth.
Downside risks to global economy
Pazarbaşıoğlu also warned of downside risks to the global outlook.
These risks include the re-escalation of trade tensions and trade policy uncertainty, a sharper-than-expected downturn in major economies and financial turmoil in EMDEs.
Projections for
Middle East and
North Africa
The forecast suggested that regional growth was projected to pick up to 2.4 percent in 2020 and about 2.8 percent in 2021-2022, as infrastructure investment and business climate reforms proceeded.
Pointing to risks that it said are tilted firmly to the downside including geopolitical tensions, escalation of armed conflicts and slower-than-expected reforms, the bank said these effects could slow long-term productivity prospects.
Iran in spotlight
Last year, growth in the Middle East and North Africa region slowed to an estimated 0.1 percent in 2019, down from 0.8 percent the previous year. According to the bank, this reflects recent developments in Iran's economy.
It said the sharp growth contraction in Iran, following the tightening of U.S. sanctions, geopolitical tensions in the Strait of Hormuz and diplomatic
setbacks had had economic consequences.
Weakened global growth also weighed on demand for oil and other exports, further hindering activity in the region in general, added the report, which was written prior to rising tensions between the U.S. and Iran during the first week of January 2020.
http://www.hurriyetdailynews.com/world-bank-turkey-recovering-faster-than-expected-150797