Turkey to become OECD's fastest growing economy

Published 11.11.2015 00:00

Turkey is expected rank as the fastest growing economy among Organization for Economic Cooperation and Development (OECD) member countries in 2017 with a growth rate of 4.1 percent. The OECD forecasted in its Economic Outlook Report that Turkey will grow 4.1 percent in 2017, while the 19 countries in the eurozone and all other OECD member countries will grow at an average of 1.9 percent and 2.3 percent, respectively. The estimation is a sign that Turkey will continue to grow despite the rising concerns of global growth.

Turkey was followed by South Korea at 3.6 percent and Ireland, Poland Slovenia at 3.5 percent. Growth in Chili, Israel and Mexico is expected to be 3.3 percent while Hungary is anticipated to grow 3.1 percent in the same term. Germany, Europe's largest economy, is predicted to grow 2 percent, the U.K. 2.3 percent and France 1.6 percent. The lowest forecasted growth figures among OECD countries for 2017 are 1.5 percent for Portugal, 1.4 percent for Italy and 0.5 percent for Japan. Despite expectations that developments in the global economy due to the U.S. Federal Reserve's likely decision to hike interest rates before the new year will have a negative effect on developing countries, Turkey, with its 2015 growth forecast at 3.1 percent and at 3.4 percent in 2016, will grow more than other developed countries including the U.S., U.K., Germany, Australia, France, Sweden, Norway and the Netherlands.

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