International Finance
Economy

World Bank predicts better growth rate for Turkey

World Bank Turkey Director Johannes Zutt said the World Bank expects four to five percent growth rate in Turkish economy this year

Last year, Turkey achieved 7.4% growth which is perceived to be a very good year. Zutt said the innovative products with embedded technology will attract global demand in the future. However, Turkish companies are yet to fully evolve in the embedded technology products for higher growth target. “Turkish companies need to work better in the innovation of products and services demanding higher prices and in the procurement of more embedded technology in these products and services,” he added.

The country’s economy is closely associated with the European economy and is receptive to rise in interest rates of the US Federal Reserve (Fed), reported Daily Sabah. “Most of Turkey’s growth stems from the projects carried out with Europe,” Zutt said.

Speaking of World Bank’s support to Turkey’s economic sectors, he said: “We are supporting the Trans-Anatolian Natural Gas Pipeline Project (TANAP). We are working with the government to expand the Natural Gas Storage Facility in Lake Tuz. We are also working on energy transmission, distribution and the renewable energy sector.”

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