Top 20 Economies: Will Turkey Rise in the Future?

Every year the IMF the world’s largest economies The list he announced came with surprises this year.

There was a certain banality to the sequence. Especially the top 5 were pretty routine in terms of displacement. However, this year’s data is different.

First, let’s look at the top 20 in the list of the world’s largest economies:

1. USA – $27.974 trillion
2. China – $18.566 trillion
3. Germany – $4.730 trillion
4. Japan – $4.291 trillion
5. India – $4.112 trillion
6. United Kingdom – $3.592 trillion
7. France – $3.182 trillion
8. Italy – $2.280 trillion
9. Brazil – $2.272 trillion
10. Canada – $2.242 trillion
11. Mexico – $1.992 trillion
12. Russia – $1.924 trillion
13. South Korea – $1.784 trillion
14. Australia – $1.696 trillion
15. Spain – $1.685 trillion
16. Indonesia – $1.541 trillion
17. Türkiye – 1,340 trillion dollars
18. Netherlands – $1.167 trillion
19. Saudi Arabia – $1.112 trillion
20. Switzerland – $977.95 billion

Of course, the first thing that stood out on the list was Japan’s ranking.

Japan lost its place to Germany.

Japan’s economy contracted by 0.4% annually at the end of 2023. It had already contracted by 3.3% in the third quarter. As a result, Japan entered a definitive recession. Therefore He lost his place in 3rd place.

The decline of Japan, which has maintained its place in the rankings for a long time, certainly made a splash. Although it is difficult to answer the questions of whether it will improve or regain its place, there are predictions for the first quarter. For example, the decline in demand from China and especially Production halt at Toyotashows that it was difficult for Japan to recover in the first quarter.

Japan is not the only country in recession. The UK economy also experienced a contraction in 2023.

The decline of the service sector, the decline in construction production and the decrease in exports were cited as the reasons for this contraction in the UK, which technically entered a recession with a 0.3% contraction in the 4th quarter of 2023.

Chancellor of the Exchequer, Hunt, said that It is a temporary process Although he says, it seems that the level of the situation will be understood after the announced quarter.

How is Türkiye doing?

While Turkey will rank 19th in the List of the World’s Largest Economies in 2022 In 2023, it ranked 17th.

Since the IMF’s reports are not completed, let’s look at TURKSTAT data. Turkey’s gross domestic product, It was announced as 1 trillion 75 billion 731 million dollars. In addition, the IMF predicts that Turkey’s real national income will increase in 2024. It will grow by 3.1% also predicts.

Turkey’s income sources are not in one area.

Türkiye; tourism, construction, agriculture, textile, industry, energy and foreign trade It earns its income with the contribution of many sectors such as. But workforce sizes are of course different.

According to TUIK data, those employed in the sectoral workforce distribution are: 57.4% in services, 14.9% in agriculture and 6.3% in construction It is located.

Although there will be no major changes in the upcoming rankings, striking ‘displacements’ are expected.

It cannot be predicted whether there will be a change as England enters a recession, and if so, how much of a change there will be. However, a large decrease in income level is also expected. There will be difficulties in Japan’s current monetary policy But it is not expected to drop another place suddenly.

There is an investment bank that makes predictions for 25 years from now, although not for the near future: Goldman Sachs. According to him, in the following years China will have the largest world economy. The most interesting part is not that the USA lost the first place, but that it dropped two places. Again, according to these predictions, after China, India will be in the 3rd place, and today’s 1st place will be the USA. Türkiye will drop to 20th place.

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