On 29 Oct, Turkey celebrated the Republic Day and 90th anniversary of the foundation of the country. At the same day, Ugur Gurses, the columnist at Turkey’s daily newspaper Radikal, shared two must-see charts showing how economy made progress since the beginning, in a well-summarized way. Let’s just get focused on these charts.
The first chart below, comparing the growth of global GDP per capital with Turkey’s, demonstrates the epitome of Turkish economy.
Apparently, world GDP per capita growth had outperformed Turkey until Turgut Ozal transformed the economy by paving the way for liberalization. In 2000s, we see another shaking-up that is result of neo-liberal policies run by AKP (Justice and Development Party), however the fast growth had been in progress until the Lehman-era.
So how about the competitors? Simply Turkey beats Brazil and India. As mentioned above, Turkey jumped high during 80s, when Brazil and other Latin American countries were living their lost decade. On the other side, growth of India has always been to slow to compete. We all see the ravishing pace of the Chinese growth.
In the long-term, Turkey performed well to date, but definitely will need more stability in the future.