Created by the PwC Macroeconomics team led by PwC UK Chief Economist John Hawksworth, “Turkey in 2041: Looking to the future” sheds light on what the next 30 years may have in store for the Turkish economy.
According to projections developed by PwC using its long-term economic growth models, Turkey’s GDP per capita (in terms of PPP, constant in 2009 USD) will more than double by 2041 compared to its current level and exceed USD35,000. The country’s economy will narrow the income gap between it and developed countries over the next 30 years. The report also focuses on Turkey’s potential centres of excellence in the coming decades.
Some highlights from the report
- Turkey’s economic performance has been strong over the last 15 years
- Due to its economic and demographic strength, Turkey has great long-term potential
- Turkey’s plentiful natural resources create an opportunity for its food processing industries to grow and expand into new export markets
- Continued FDI should foster a growing agricultural R&D sector
- Turkey’s climb up the value chain over the next 30 years can be enhanced by a shift to alternative energy resources, which would reduce the country’s reliance on imported oil
- Light commercial vehicles and new energy-efficient models offer opportunities for expanding Turkey’s automobile market
- The tourism sector is forecast to benefit from fast-growing middle classes in emerging markets
- Continued improvements to infrastructure, skills and institutions will be key to sustaining Turkey's growth in the long run -- being flexible to adjust to evolving global trends.