Minister says Turkey joins 2020 World Economic Forum with more positive outlook

World Faizah Kamal 22-Jan-2020
World Economic Forum
ID 84712809 © Palinchak | Dreamstime.com

The Turkish treasury and finance minister expressed that Turkey is joining the World Economic Forum (WEF) this year, in Switzerland’s town of Davos, with a more positive outlook.

Turkey sees 2020 as an important year for foreign direct investment, Berat Albayrak said during the 50th WEF on January 22.

After an unsteady environment and currency attacks over the past 18 months, Turkey’s circumstances have now taken a turn for the better, Albayrak highlighted.

Underlining that growth was the WEF’s main focus this year after environmental concerns, he stressed that while “developed and developing countries’ contributions to the world economy are decreasing,” Turkey’s 5 percent growth target for 2020 was important for the world.

The government also targets 5 percent growth for both 2021 and 2022.

The economy expanded 0.9 percent year-on-year in the third quarter of 2019 after contracting 2.3 percent in the first quarter and 1.6 percent in the second quarter.

Turkey expected to attract $15 billion in foreign direct investment this year, Albayrak said in a speech in Istanbul earlier this week, adding that the country would leave 2019 behind with a soft landing and with a positive growth rate.

Turkey’s strategic location combined with its trade agreements with other countries will make it an even more attractive destination for investors in the coming years, said Murat Sönmez, the managing director of the WEF, on January 22.

“This is a great opportunity for the country, the potential is even bigger if globalisation 4.0 is implemented in the right way,” Sönmez said.