Turkey is the fastest-growing market in the world and its strategic location in the heart of Eurasia makes it the perfect place to open new markets and strengthen your brand. The plastics industry is one of the fastest and most consistently growing industries of Turkish economy.
Turkey’s economy has started on a path of growth again. Although GDP shrank to USD 734 bn (EUR 679 bn) in 2019, a turnaround evidently started in the second half of last year, being 0.9% higher in the third quarter. Following the currency crisis in mid-2018, the country’s economy had been contracting.
According to Turkish plastics industry association Pagev, the contribution of the plastics sector to Turkey’s economy is gradually increasing. Plastic goods production rose 3.4% to 9.46m t in 2019, but this remains below the value in 2017 (9.62m t), while production value fell 2.5% to USD 33.4 bn (EUR 30.9 bn).
The World Bank predicts that there will be no contraction in Turkey’s economy for the full year 2019. The growth forecast for 2020 is 3%, and for 2021 it is 4%, although it is expected that 2020 will not be an easy year for the country’s economy.