Turkey is the world's fastest growing economy

Monday, August 01, 2011

Turkey is the world's fastest growing economy

Turkey's GDP growth figures have seen it overtake China and Argentina to become the fastest growing economy in the world, according to a new report from national statistics organisation Turkstat.

The country's growth hit an impressive 11% this year, making it the only country in the world to have achieved double digit growth. China achieved a 9.4% hike while Argentina's GDP rose by 9.9%.

The news has meant that overseas buyers are becoming increasingly attracted to the already popular area. Investment firm World Property Group recently named the Turkey the second most popular country in the world for investment. The capital Istanbul is also the fastest growing tourist city in the world with visitors having increased by 30% over the last year, which will mean good news for property owners looking to gain rental potential from their properties.

Speaking of the growth at a diplomatic conference in Istanbul, U.S Secretary of State Hilary Clinton spoke of her desire for Turkey to pave the way for other Middle Eastern countries to achieve similar upswings: “"The 11 percent growth rate is phenomenal" she said. "What I hope is that Turkey will become an engine for economic growth in the region”

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