Finance

Expected GDP of Turkey would be 5-6 trillion USD in 2050

Turkish Finance Minister Mehmet Simsek said on Wednesday that inflation rate in Turkey would continue to drop in parallel with projection by the Central Bank. Attending a conference in Ankara, Simsek said that Turkey had a bright future in long-term period and foreign investors should be informed on it. In 2050, Turkey's GDP would be 5-6 trillion USD and its population would near 110 million, he said.     

Turkey did not have inflation problem and single-digit inflation was enough for investments, he added.

According to G&S, Turkey’s population growth averaged around 2.3 percent per annum during 1950-2000. In this period, the population more than tripled, to 70 million, and the labor force quadrupled, to 50 million, leading to a virtual collapse in the underlying dependency ratio, which fell from around 75 percent in the 1950s and 85 percent in the 1960s to around 55 percent by the turn of the century.

As of today, like any other country, Turkey’s demographic transition is gradually maturing, but it is far from complete. In the coming two decades, Turkey will continue to enjoy a substantial demographic bonus. First of all, it is still running at a healthy 1.3 percent per annum and is projected to average around 1 percent per annum in the next two decades, before easing gradually to 0.2 percent by 2050.

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