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Turkey offers strong long-term growth potential, equal to that of many other N-11 and BRIC economies – a report by a leading global investment banking, securities and investment management firm, Goldman Sachs, has projected.


Turkey, if it keeps up with the proper policies, will become the ninth biggest economy in the world in 2050, according to the report.


Turkey, which ranks 18th with its nominal gross domestic product, or GDP, as of 2007, will increase its national income to $5.9 trillion, surpassing the Group of Seven, or G7, countries like Japan, Germany, Italy, France and Canada by 2050. Turkey’s current national income stands at $660 billion.

Meanwhile according to the data compiled by Goldman Sachs, including its world economic projection report, China is expected to become the world’s largest economy with a nominal GDP of $70 trillion in 2050. It is predicted that the United States, India, Brazil, Russia, Indonesia, Mexico, United Kingdom, and Turkey will follow China in that order.

 

 

Income per capita
By 2024, Turkey’s per capita income will climb to $20,000-25,000, claims the report. Turkey’s per capita national income is expected to surpass $30,000 in 2033, and $40,000 in 2040, reaching the $60-65,000 level by 2050, adds Goldman Sachs.
By 2024, Turkey’s per capita income will climb to $20,000-25,000, claims the report. Turkey’s per capita national income is expected to surpass $30,000 in 2033, and $40,000 in 2040, reaching the $60-65,000 level by 2050, adds Goldman Sachs.
The countries including Turkey will catch up with the industrialized countries in 2025 and start to surpass them in 2030. The national currencies of the emerging markets, including Turkey, are also expected to gain 2 to 2.5 percent in value annually.

Economic balance
The emerging markets will become the driving force and will balance the world economy, according to the report. Besides their increasing foreign trade volumes, the seven emerging markets will also loom large with the investment they draw. In terms of rapid economic growth, Turkey will rank just after the BRIC countries,
The emerging markets will become the driving force and will balance the world economy, according to the report. Besides their increasing foreign trade volumes, the seven emerging markets will also loom large with the investment they draw. In terms of rapid economic growth, Turkey will rank just after the BRIC countries, Turkey, in regards to rapid growth, ranks right after China, according to the Goldman Sachs report, which also reveals that Brazil has the lowest growth rate in this group. The countries that have younger populations, such as Turkey, Mexico and Brazil, have higher growth potential compared to China, India and Indonesia. Following Turkey, countries, such as South Korea, Egypt, Iran, Pakistan, Vietnam, Philippines and Nigeria will also loom large with their growth rates. Turkey and South Korea have higher potential in terms of surpassing the industrialized countries, according to the report. 
Turkey, in regards to rapid growth, ranks right after China, according to the Goldman Sachs report, which also reveals that Brazil has the lowest growth rate in this group. The countries that have younger populations, such as Turkey, Mexico and Brazil, have higher growth potential compared to China, India and Indonesia. Following Turkey, countries, such as South Korea, Egypt, Iran, Pakistan, Vietnam, Philippines and Nigeria will also loom large with their growth rates. Turkey and South Korea have higher potential in terms of surpassing the industrialized countries, according to the report. 
The global financial crisis is clearly not dampening the appeal of property in Turkey, which was one of the top investment destinations in 2009, according to Conti, the UK’s leading overseas mortgage specialist. The company has seen an increase of 65 per cent in mortgage applications for Turkish properties, when comparing the first five months of last year with the last five in 2008.  And over the last two months alone, applications are up by a massive 143 per cent compared with the same period last year.

Overseas Mortgages
Conti provides finance for purchasing holiday homes, investment and retirement properties in more than 45 countries, and re-financing for any purpose in 15 of those countries. Rates for mortgages in Turkey start from as little 4.80%. All mortgage applications are processed and underwritten by Conti’s teams of specialists, who know the exact mortgage application requirements for each overseas lender. It can also ensure that clients are put in touch with specialists in the country in question, to enable then to comply fully with planning and legal conditions and assist with currency exchange.
**Always seek the advice of suitably qualified financial professionals before making important investment decisions**



The growth rates of the E7 bloc of emerging economies, which includes Turkey, China, India, Brazil, Russia, Indonesia and Mexico, will surpass those of the United States, European Union, G7 and the Organization for Economic Co-operation and Development, or OECD by 2050, the data revealed. which are Brazil, Russia, India and China, according to the estimates in the report. Turkey has developed a more competitive economy due to structural reforms and new laws, which provide a prominent infrastructure in terms of high growth.

Turkey – a booming property market.

Often referred to as the ‘new Spain’, Turkey offers some great property prices and all the benefits of its Mediterranean location, minus the effects of the strong euro, which have led to decreased levels of demand in other more traditional locations over recent months. Tourism in Turkey has risen dramatically over the last few years, with predictions that it will reach just under 30 million visitors in 2010. This will ensure that demand for quality rental properties in the popular tourist areas will continue to outstrip supply, making rental yields very lucrative.

Clare Nessling, a Mortgage Operations Director, says: “We’re receiving a lot of enquiries about Turkey and it’s not hard to see why. A healthy tourism industry, cheaper house prices and rising demand for rental properties have all contributed to its popularity of late. These factors, combined with low interest rates and the fact that it’s out of the eurozone has made it increasingly attractive, as well as more affordable, for UK buyers.”  According to Conti, Kusadasi is a particular hotspot, with many British investors snapping up small coastal apartments which they can use for their own holidays, but also rent out easily to others. Many developers are offering guaranteed rentals, which is working as a real incentive to those considering a purchase.

But there has also been an increase in the number of people buying more expensive villas and those investing in multiple properties in the prime coastal areas. Turkey truly has mass appeal. With accessibility being a key factor too, Turkey has a wide choice of airports and is extremely well served by flights from the UK, with EasyJet recently announcing the launch of three new flights from London Gatwick to the country’s most popular regions of Bodrum and Dalaman. The country is also growing in popularity as a retirement destination, with many being lured by the warmer climate, lower costs of living, and excellent property value. And because it has avoided the effects of the strong euro, which has eaten into the pensions and savings of retirees in countries such as Spain, France and Portugal in recent months, it’s simply a more cost effective location at the moment.

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