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IMF Projects Türkiye as 17th Largest Global Economy by 2024

2024-10-24 06:41:37.149000

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].

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 the U.S. remains the largest economy with a GDP of $29.17 trillion [0e79b5c1].

In the broader context of global economic growth, the IMF has recently projected that the global economy will grow by 3.2% in 2025, with emerging markets like Türkiye playing a crucial role in this 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].

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