Turkey will be top 10 economy after elections, minister says

Turkey will become one of the world’s top 10 economies should Turkish voters re-elect President Recep Tayyip Erdoğan in June, Economy Minister Nihat Zeybekçi said.

The economy will also become the third-largest in Europe as exports and economic growth surge, Zeybekçi said on Monday, news website T24 reported. He made the estimate despite continuing losses for the lira against the dollar this year.

The size of Turkey’s economy shrank to $851 billion last year from $862.7 billion in 2016 as losses for the currency more than offset economic growth of over 7 percent. The lira has lost about 20 percent against the dollar in 2018.

Canada is the world’s 10th largest economy with annual output of $1.8 trillion, more than double that of Turkey’s.

Zeybekçi didn't provide a timeframe for reaching the goal. Becoming a top 10 global economy in terms of output has been a key goal of Erdoğan's government for the country's centenary in 2023.