Overview of Turkey’s Real GDP
In 2021, the real GDP of Turkey reached $1.4 trillion, an increase of 11.0% over the previous year. 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
Real GDP refers to base year prices, which include inflation. Changes in real GDP indicate the increase or decrease in the volume of economic activity and measure economic growth.
The US, China, Japan, Germany, and India are the world's top five economies in terms of real GDP. With a value of $18.6 trillion in 2021, the US had the highest real GDP, followed by China with a value of $12.7 trillion. During the same period, Japan’s real GDP reached $6 trillion, ranked third in the world. The other two largest economies are Germany and India, with real GDPs of $3.8 trillion and $2.9 trillion, respectively.
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.
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