Turkey to preserve its place among best-performing G20 countries

Published 09.06.2017 16:15

According to the Paris-based Organisation of Economic Cooperation and Development (OECD), the Turkish economy, which grew 2.9 percent last year, surpassing expectations, will be among the best performing countries in the G20 in 2017.

Moreover, the OECD raised its 2017 growth estimate for Turkey from 3.3 percent to 3.4 percent, according to the OECD Economic Outlook Report for June.

Accordingly, Turkey, which is projected to grow 4.4 percent in the Medium-Term Program this year, will rank fourth among 20 OECD member countries according to growth performance even if it completes the year with 3.4 percent growth as estimated by the OECD.

The report says that among OECD member countries, India will take first place with a growth rate of 7.3 percent, followed by the world's second-largest economy, China, with 6.6 percent, Indonesia with 5.1 percent and Turkey with 3.4 percent.

Furthermore, Canada is expected to grow by 2.8 percent, South Korea by 2.6 percent, and Argentina and Australia by 2.5 percent. In addition, Europe's largest economy, Germany, is forecasted to grow by 2 percent.

The report also indicated that the U.S. economy – the world's largest – will grow by 2.1 percent, Mexico by 1.9 percent, the eurozone by 1.8 percent, the U.K. by 1.6 percent and Russia and Japan by 1.4 percent each.

It was also estimated that France and Italy, which are two of Europe's major economies, will grow by 1.3 percent and 1 percent, respectively. Moreover, the economy of South Africa, which has experienced problems in the last few months, is expected to grow by 0.8 percent, and Brazil is expected to grow by 0.7 percent.

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