Ankara is still a tourist magnet, but there’s no denying the impact tourism has on the economy.
A new report released by the World Bank and the Brookings Institution reveals that Turkey’s tourism sector is booming and the country’s economy is set to grow by 7.4% over the next three years, with a net profit of $4.9 billion.
The report, Turkey: The Global Power, outlines the country as a major destination for global travelers, with an estimated 30 million international visitors in the country annually.
“Turkey is the only Middle East country that is expected to grow at the same rate as the global economy,” said World Bank Senior Economist John Hargreaves.
“This is very good news for the Turkish economy.”
The country’s tourism boom has generated a $1.9-billion boost in Turkish GDP.
This has allowed the Turkish government to spend billions more to boost infrastructure, expand health care, and develop a tourism industry.
This is despite the country experiencing a $4 billion budget deficit in 2015.
Hargresons report shows that while Turkey’s GDP has increased since 2010, its tourism sector has experienced an exponential growth, which has pushed the country out of recession.
Hategres says that while tourism remains an important economic driver in the Turkish capital, Istanbul, the country is on the road to becoming a major player in the global tourism sector.
“Turkeys growth is one of the fastest in the region,” Hargreys report states.
“Tourism is projected to be one of Turkey’s top growth sectors by 2020 and its economic growth is expected reach 7.5% for the next few years.”
Turkey’s Tourism Boom is set for a Huge Growth in the 2020sHargreets report shows the growth of Turkey in 2020 is set up to be the fastest ever.
The country is expected increase its GDP by 8.5%.
Hargreyes research shows that Turkey is set as a global leader in tourism by 2030, with the country expected to generate $8.2 billion in gross domestic product (GDP) and $1 trillion in revenue from tourism.
“As we look at Turkey, it is clear that the future is very bright,” Hategreets said.
“The world’s number one tourist destination is growing at a rapid pace, and Turkey is now one of our most important growth drivers in the Middle East.”
The report also notes that while the country has struggled to attract international tourists, it has been able to attract foreign investment, as well as the international community.
“Its economy has grown to an impressive level, thanks to the government’s strong infrastructure, tourism and education programs,” Hargeys report says.
“But the real challenge for Turkey is the lack of skilled workforce and a shortage of educated people.
This creates a huge competitive advantage for foreign firms looking to invest in Turkey.
The government needs to improve the skills of the workforce and ensure that it is fully competitive.”
Turkey has a high rate of unemployment, but Hargries report shows a steady increase in the number of foreign nationals entering the country, with more than half of the foreign workers coming from Europe, the United States, and the Middle-East.
“Many of these foreign workers may have previously been studying in the United Kingdom or the United Arab Emirates,” Haggreys report says, “but are now entering Turkey for better employment opportunities and opportunities for them to integrate.”
Turkey Has a Huge Population and a Strong Economy, But the Economy is Set to Be Smaller in 2020According to Hargreaes report, “Turkey’s growth will continue to be driven by the growth in its economy.
Turkey has an impressive workforce of 1.2 million and a growing economy of $2.6 trillion.
While the country will have the largest GDP and the largest workforce, it will also have the smallest labor force, which is projected at 4.5 million.
The size of the labor force will likely decrease as a result of the aging of the population and the decline of the birth rate.”
“The country will continue its slow growth in the coming years and will continue growing at an average rate of 1% annually, which will translate into an economy of less than $2 trillion in 2020,” Hagrees report states, adding that the economy of Turkey is expected grow at an annual rate of 5.5%, or $1,200 per capita.
The study predicts that the Turkish Economy will reach $3 trillion in 2022, an increase of $100 billion from the current projection.
Hargees report concludes that Turkey has the potential to become a top destination for international travelers.
“If it is a global destination, Turkey is well positioned to become one of its biggest economies in the future,” Hags report says of the country.
“We have a large population of people that want to come to Turkey.
As Turkey becomes a more attractive destination, the number and diversity of its international visitors will continue rising.” Travel