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Turkey Becomes the 2nd Fastest growing economy in the world.

Discussion in 'World Affairs' started by Horus, Jul 30, 2010.

  1. Horus

    Horus ADMINISTRATOR

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    Turkey 2nd fastest growing economy of G-20 after China
    Turkey's GDP recorded a 11.7% year-on-year rise in Q1 of 2010, making it the second fastest growing economy among G-20 countries after China.


    [​IMG]

    Wednesday, 30 June 2010 15:26


    Turkey's GDP recorded a 11.7% year-on-year rise in Q1 of 2010, making it the second fastest growing economy among G-20 countries after China.

    This is the highest quarterly growth since the Q2 of 2004, which recorded a 11.9% growth.

    The growth rate was widely expected to turn out somewhere between 11-11.5% in the Turkish markets.

    Turkey's statistical authority, TurkStat, announced Wednesday that the gross domestic product (GDP) in Q1 of 2010 rose 11.7% year-on-year and reached 23,350 million
    Turkish liras in constant prices.

    TurkStat said the GDP rose 16% year-on-year and reached 243,258 million Turkish liras in current prices in the first quarter of 2010.

    The highest growth in Q1 of 2010 was recorded with 22.4% in the retail and wholesale commerce which was followed by the production sector which grew at 20.6%.

    Meanwhile, calendar adjusted GDP in Q1 of 2010 rose 11.7% year-on-year, and 0.1% quarter-on-quarter.

    Turkish economy which recorded its highest growth rate of the last decade in 2004 with 9.4%, entered a declining trend in growth rates in 2005 and started showing signs of economic downturn in Q4 of 2008.

    The growth rate which was 6.95% in 2006 gradually declined: down to 4.7% in 2007, and down to 0.7% in 2008, with the global financial crisis, and finally resulted with a 4.7% of contraction in 2009.

    In 2009, the economy contracted at 14.5% in Q1, 7.7% in Q2 and 2.9% in Q3, finally resuming growth in Q4 with 6%.

    In his address to the group meeting of his party in the parliament on Tuesday Turkish Premier Recep Tayyip Erdogan said Turkey was the economy that made the quickest recovery from the crisis, noting that all the G-20 leaders whom he met during the summit in Toronto confirmed it.

    Turkey's Minister of Industry and Trade Nihat Ergun said the Q1 growth rate was an indicator showing that Turkey was making a safe and stable recovery from the crisis.

    Ergun pointed out that the 11.7% growth in Q1 of 2010 was mostly due to the base effect from the 14.5% contraction in Q1 of 2009, noting that the base effect would start to diminish in Q2, projecting an economic growth of 6% to 8%.

    He said they expected an annual growth rate higher than 6% for 2010 signalling that their government could make an upward revision in the annual growth projection of 3.5% in the Mid Term Program, which he said was very cautious under current circumstances.

    Turkey 2nd fastest growing economy of G-20 after China [ WORLD BULLETIN- TURKEY NEWS, WORLD NEWS ]

    Go Turkey !!
     
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  2. Imran Khan

    Imran Khan PDF VETERAN

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    oghhhhhhhhhhhh now what our indian brothers love number games and its not good for them
     
  3. ramu

    ramu SENIOR MEMBER

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    Imran bhai, we are way behind in quarter 1, 2010. We recorded a modest 8.6 but that is OK given we are having a fantastic monsoon and that might show its effects in 3rd and 4th quarter.

    :cheers:
     
  4. gowthamraj

    gowthamraj SENIOR MEMBER

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    We now on 4 th place. But this year we have good moonsoon:yahoo: which shows it effect on final two quarter:sniper:
     
  5. Jigs

    Jigs ELITE MEMBER

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    Soon our GDP will be over 1 trillion.
     
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  6. into the wild

    into the wild BANNED

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    the curious case of arabophilia and turkophilia and iranophilia among BB and other members here, care to explain??
     
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  7. sunny001

    sunny001 BANNED

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    If you read carefully, Turkey expanded because of negative base effect of last year. It contracted by 14.7% in Q1 last year. And it is expected to grow between 6% to 8% year on year.

    India expanded by 7.4% last year and expected to expand close to 9% this year. I would say India still is second fastest growing economy in the world year on year.

    But, Turkey has to be congratulated for their quick turn around. I wish them all the best.
     
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  8. DESERT FIGHTER

    DESERT FIGHTER ELITE MEMBER

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    Congrats to our Turk brethern... n hope we follow the same track... f..k ttp!
     
  9. whocares

    whocares BANNED

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    the Q on Q numbers are deceptive due to the precipitous gdp crash in q1 09.

    overall, if the turkish economy contracted 4.7 % in 2009 and grows about 5% in 2010, they merely go back to end 2008 levels.

    thats 2 years of zero net effect on real GDP.

    in that 2 year timeframe, china would've grown > 20% in real gdp and india > 15%
     
  10. CardSharp

    CardSharp ELITE MEMBER

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    Given how terribly the EU members are doing, maybe Turkey should think twice about wanting to join so eagerly.

    Maybe it's they who needs Turkey not the other way around. It's pretty sickening to see Germany and France give thousands of excuses but the real one for blocking Turkey's membership and that's their hatred for Islam.
     
  11. Imran Khan

    Imran Khan PDF VETERAN

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    kiyoon ke apna kuch nhi hai na hamara:frown:
     
  12. AViet

    AViet FULL MEMBER

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    The fastest growing significant economy this year should be Singapore, not China, as they have recorded almost 30% growth for Q1. However, last year, China GDP growth is roughly 10%, but the GDP increased from 4.3 trillions to 5 trillions. In 2008, it increased from 3.3 trillions to 4.3 trillions with similar growth rate. This year, I think that the figure will probably be about 6+ trillions with 10-12% growth. In 2009, GDP of India increased from over 1 trillions to 1.1 trillions with 8% growth. Calculate by yourselves and you may recognize that from GDP figures publicized to real growth are very much different.
     
  13. sunny001

    sunny001 BANNED

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    That's because the relative size of the china's economy. A percentage of a bigger number will always be more than a similar percentage of a smaller number. Also, it is because of valuation of china's yuan. You multiply china's economy by a factor of 2 to get the GDP in PPP, while you multiply with a factor of 4 to get India's.

    Also, because of inflation, rupee is badly hit against dollar. Once inflation subsides and proposed GST is implemented India's economy would reach to $2 trillion within 3-4 years.

    In 2000, China's GDP was 1.08 trillion dollars and in 2007 it was only 2.4 trillion dollars. In just three years it added another 2.5 trillion dollars for the reasons I mentioned above. India's GDP currently is around 1.3 trillion dollars, considering we opened our market fully 12 years after china did, I think we are on a right track for now.
     
    Last edited: Jul 30, 2010
  14. CardSharp

    CardSharp ELITE MEMBER

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    This is an important point. China and India both started far far back from the finish line. 9% growth for 30 years is still not enough when you start with nothing like China did.

    As they say 9% of nothing is still nothing but these next few years should be crucial for China and India because when we are talking about 9% now, it is 9% of a very large number.
     
  15. AViet

    AViet FULL MEMBER

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    quote=sunny001;1032376]That's because the relative size of the china's economy. A percentage of a bigger number will always be more than a similar percentage of a smaller number. Also, it is because of valuation of china's yuan. You multiply china's economy by a factor of 2 to get the GDP in PPP, while you multiply with a factor of 4 to get India's.

    Also, because of inflation, rupee is badly hit against dollar. Once inflation subsides and proposed GST is implemented India's economy would reach to $2 trillion within 3-4 years.

    In 2000, China's GDP was 1.08 trillion dollars and in 2007 it was only 2.4 trillion dollars. In just three years it added another 2.5 trillion dollars for the reasons I mentioned above. India's GDP currently is around 1.3 trillion dollars, considering we opened our market fully 12 years after china did, I think we are on a right track for now.[/quote]


    It is much easier said than done. From 1990-2010, China increased their GDP per capita by 12 times, Vietnam more than 12 times, India by less than 3 times. Do not say that India open latter than Vietnam.
    From my experiences in China, Taiwan, Korea and various Western countries, I think nominal China GDP should be around 7-10 trillions now, not 5 trillions as publicized. And this fit to IMF estimate about yuan undervalued by 40%. Even some little known Chinese cities like Fushan or Chungshan, Shunde look as well-planned, clean and modern as Taipei or Taichung. The motorways in both mainland China and Taiwan are similar in quality.
    The first time I've been to China is in 2002. At that time China GDP per capita was less than Vietnam's now. But China cities and infrastructure was already very well developed, much better than Vietnam now in 2010. I wonder if we can reach that level of modern infrastructure in 30 years.
     
    Last edited: Jul 30, 2010