Overview of Turkey’s Real GDP Growth
The real GDP of Turkey increased by 11% from the previous year and reached $1.4 trillion in 2021. Turkey's real GDP grew at a CAGR of 5.7% between 2010 and 2021. The increase in COVID-19 cases, rising inflation, and the conflict between Russia and Ukraine impeded Turkey's future growth.
Outlook on Global Economy Growth
Real GDP growth is GDP’s annual percentage growth rate at market prices based on constant local currency.
In terms of real GDP, the United States, China, Japan, Germany, and India are the top five economies. The US is the largest economy in the world, followed by China. In 2021, the US economy grew by 5.7% and reached $18.7 trillion in real GDP. Between 2010 and 2021, US real GDP grew at a CAGR of 2.0%. China, one of the world's fastest-growing economies, grew at a CAGR of 7% between 2010 and 2021. In 2021, India's real GDP grew at a rate of 9% and at a CAGR of 5% for the period 2010-2021.
Factors Affecting the Global Economy
A rise in COVID-19 cases:
As a result of Omicron, a new variant of COVID-19, more cases have been reported worldwide, resulting in the disruption of supply chain management. However, the global vaccination drive has reduced the fatality from COVID-19.
Russia-Ukraine war:
Global economic expansion will be hampered by a protracted conflict between Russia and Ukraine. Due to the war, trade and investment have suffered because Russia has been subjected to economic sanctions, and several significant corporations have ceased operations there.
Rising Inflation and Interest Rates:
As a result of rising inflation rates in both developing and advanced economies, central banks have been forced to tighten monetary policy and raise interest rates to keep prices from rising. However, a steady increase in interest rates could cause financial distress in some economies.
Don’t wait - discover a universe of connected data & insights with your next search. Browse over 28M data points across 22 industries.
Access more premium companies when you subscribe to Explorer