- President, Istanbul Chamber of Commerce
The third year of the pandemic will surely be much better than the first two in terms of daily activities and health. Antiviral therapies and more improved vaccines are being launched rapidly while new treatments and vaccines are developed.
A series of aftershocks starting with the transportation costs crisis, continued with the high increases in commodity prices, energy crisis, high inflation rates and new mutations of the coronavirus.
Global trade continued to grow powerfully throughout 2021. Experts project the global trade to reach nearly US$ 28 trillion with a 23% increase compared to last year. This figure -pointing to an 11% increase compared to 2019- is the highest rate of all times.
The growth projections for the global economy in 2022 remains around 4-4.5%. The robust demand, ongoing supplementary fiscal policy, and decreasing Covid-19 anxieties will add momentum to services, manufacturing, and tourism growth.
Supply chain problems are expected to diminish significantly, and transportation costs are projected to reduce in 2022. Then again, a decline in the prices to pre-pandemic levels are seen as a low probability.
The energy crisis and dependence on limited imported sources cost dearly for many countries in 2021. Therefore, investments in renewable energy sources and substantial growth in public and financial institutions’ green finance funds are expected.
Turkey attracts investors who wish to secure and diversify their supply chains even in such a challenging business atmosphere. Our country proved its resilience in the global supply chain in this period, where all global logistical activities changed entirely.
The issues emerging in the global supply chains pointed to Turkey’s advantages for Western economies once again. These advantages are not merely for Turkey. They also deliver critical competitive benefits for our business partners, particularly the EU and USA.
Turkey witnessed all-time record-breaking achievements in exports during 2021. The yearly exports exceeded the US$ 220 billion level for the first time. Turkey’s share in global exports went over one percent. Our products continue to extend across the world.
Crowning the year with double-digit economic growth, Turkey embraced a unique path for receiving more investments and enhancing its production levels. I believe that the road map of our government and private sector based on production, exports and green transition will render Turkey among the countries that display the most remarkable breakthrough after the pandemic.03/01/2022