After an agonising wait, Fitch confirmed Turkey’s credit rating on Friday as ‘BBB’, with a stable outlook.
Critics had suggested the outlook would be downgraded from stable to negative, but the government criticised the agency for “not appreciating Turkey’s success.”
A statement from Fitch said the economy had proved stable: “Turkey’s upgrade to investment grade in November 2012 owed much to a demonstrable track record of fiscal consolidation and a reasonably healthy banking system. These rating attributes largely remain intact.”
”The economy continues to show encouraging signs of rebalancing, notably a moderation in the current-account deficit (CAD) and credit growth with no ‘sudden stop’ of capital inflows.”
The minister for economy Nihat Zeybekci said the rating was already “Turkey’s reality,” and stated that the rating should be higher. “Positive or negative comments made about us hold a meaning in international markets, but we will look to our own way.” The minister said that the government would steer the country towards more development, investment and exports. “Of course we will continue on our path by raising the production and goods supply to fight against inflation,” he added. “We always think our Turkey is not at a point that it deserves, hopefully it will be better.”
Reasons to invest in Turkey
The booming Turkish economy more than tripled its GDP between 2002 and 2013, reaching USD 820 billion last year. The economy is tipped to become the fastest growing among OECD countries, with an average annual GDP growth rate of 5.2 per cent. Turkey’s economy is already the 16th largest in the world and President Erdogan is predicted it will join the top 10 by 2020, bolstered by a healthy export sector that has increased by 245 per cent in a decade.
A strong economy
A youthful populationTurkey’s population is young, multi-cultural, increasingly educated, and eager to work. In fact, the youth population (76 million) is the largest in the EU, with half of the country aged under 30. This gives the country the ability to increase its productivity.
InfrastructureTurkey’s infrastructure is new and highly developed, with the latest technologies employed in its transportation, telecommunications and energy. Its travel links extend to Europe, Asia and the Middle East, and its air hubs are some of the most utilised in the world, leading to a new airport developments in Istanbul that’s set to become the must used in the world, and upgrades for the countries regional hubs.
Central locationTurkey is a bridge between Europe and Asia, perfectly placed to access 1.5 billion customers worth USD 25 trillion in Europe, Asia, the Middle East and North Africa. Its position as a bridge between continents has also encouraged multiculturalism, which makes the country well equipped to trade with its allies.
EnergyTurkey is a crucial energy terminal, connecting the East and the West. Turkey is situated near more than 70 per cent of the world’s energy reserves, while the world’s largest energy consumer, Europe, is right next door.
PropertyTurkey’s property market has remained stable while others flounder. Prices are healthy and there is a lot of movement on the resale market. The government is encouraging foreign investment in property by relaxing laws that once made buying property arduous, including extending buying rights to more and more countries, and offering an automatic residential permit to new buyers.
TourismTourists continue to flock to Turkey, with 42 million tourists expected to visit before the end of the year, marking a six per cent increase on last year. Improved infrastructure and the marketing of Turkey as a year round destination have helped to bolster the country’s appeal as a holiday destination.
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