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Over the next decade, the Turkish economy will be driven by unique forces of change – Mega Trends – that will guide the country's growth trajectory to a developed status. As one of the fastest growing economies in the world, Turkey will experience a three-fold jump in GDP from $0.73 trillion in 2010 to $2.15 trillion in 2025.
New analysis from Frost & Sullivan, Mega Trends in Turkey, has identified ten key mega trends that will accelerate Turkey's growth rate. These cover urbanisation, social trends, future economic growth, connectivity and convergence, future infrastructure, power generation, health, wellness and well-being, new business model, future top industries and political economy.
"Turkey's brisk growth makes it an investment hotspot," notes Frost & Sullivan Visionary Innovation Research Group Senior Research Analyst Malabika Mandal. "Fuelled by an expanding middle class, rapid urbanisation, increased infrastructure spending and improved connectivity, Turkey is set to become a thriving developed market that uniquely blends Eastern and Western aspirations."
By 2025, over three quarters of Turkey's population is expected to live in cities. Over the same time, one Mega City, one Mega Region, and one Mega Corridor are poised to emerge.
Frost & Sullivan Research Manager Melih Nalcioglu based in Turkey says: "Rapid urbanisation will make Turkey an attractive market for consumer products, automobiles and white goods. The growth of Turkey's GDP and per capita GDP, together with other Mega Trends, such as infrastructure investment and a swelling middle class, will bring Turkey to the same level as developed countries in mobility, consumption habits, social life and urban development."
Between 2020 and 2030, the working age population (15-64 years) is set to account for nearly 70 per cent of Turkey's population. As the demographic composition of the country changes, its strong infrastructure system will provide the necessary support to sustain this growth.
The next stage of development will be toward a connected and digital Turkey. The proliferation of devices is likely to be driven by the increase in broadband penetration. Turkey is set to have the 4th largest fibre cable infrastructure in the world.
The Turkish ICT sector will play a significant role in the country's economy, making strong contributions to the country's GDP. Underpinned by such technology advances, new verticals such as M2M, e-governance and m-governance are set for growth.
"Understanding the Mega Trends in Turkey is critical," concluded Mandal. "Not only are they determining Turkey's development as an economic powerhouse, they are also providing a visionary outline of the future." Source: Frost & Sullivan
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