The International Monetary Fund (IMF) has projected that Türkiye will become the 17th largest economy in the world by 2024, with a Gross Domestic Product (GDP) expected to reach $1.344 trillion. This marks an improvement from its 18th position in 2023, reflecting Türkiye's robust economic growth amidst global uncertainties [a6b2dce4].
The IMF's forecasts indicate a steady increase in Türkiye's GDP over the coming years, with projections of $1.46 trillion in 2025, $1.48 trillion in 2026, $1.57 trillion in 2027, $1.66 trillion in 2028, and $1.76 trillion by 2029 [a6b2dce4]. In terms of purchasing power parity (PPP), Türkiye ranks 12th globally, with an estimated GDP of $3.456 trillion in 2024 [a6b2dce4].
The per capita income in Türkiye is forecasted to rise to $15,666 in 2024, up from $13,236 in 2023, which positions the country at 67th in global rankings. Additionally, Türkiye's PPP-based per capita income is expected to reach $35,449 in 2024, showcasing its growing economic strength [a6b2dce4].
In the broader context of global economic rankings, the United States remains the largest economy with a GDP over $29 trillion, followed by China at over $18 trillion. Germany ranks third with a GDP of $4.71 trillion, while Japan is fourth with over $4 trillion. India, climbing the ranks, is now the fifth-largest economy with a GDP close to $4 trillion [b1de1312]. The UK, France, Italy, Canada, and Brazil complete the top ten, with Brazil's economy exceeding $2.19 trillion [b1de1312].
The World Bank classifies Türkiye as an upper-middle-income country, with potential indicators suggesting a transition to high-income status by 2024 [a6b2dce4]. These developments come as the IMF continues to monitor global economic trends, where emerging markets like Türkiye and India play crucial roles in the recovery [0e79b5c1]. As Türkiye's economy continues to expand, it is poised to contribute significantly to the shifting dynamics of global economic power, particularly as BRICS nations gain prominence [c7720dcc].