Report: "The Turkish retail market remains promising"
Turkey is likely to be one of the fastest-growing markets in the region thanks to a strong economy that emerged largely unscathed by the global financial crisis, according to a new report by London-based researchers Business Monitor International (BMI). "Having a business-friendly regulatory environment and a growing population already in excess of 70 million, Turkey is likely to emerge as one of the world's highest potential consumer markers over the next decade," said BMI's "Turkey Food and Drink" report released Sunday. Turkey's short-term consumer-spending outlook differentiates it radically from the rest of emerging Europe, whose trends were systematically hurt by the economic turbulence of the past 18 months, it said. The report also pointed out that Turkey is widely expected to be one of the strongest performing economies in Europe over the next decade, leading the country to attain a per capita gross domestic product on par with Portugal, according to BMI forecasts. The demand in food and drinks in Turkey is rising due to indications that the country is emerging from the global financial crisis. According to Organization for Economic Cooperation and Development (OECD) forecasts, Turkey's real GDP growth will reach 6.8 percent by year's-end and 4.5 percent in 2011. BMI's growth forecasts for 2012, 2013 and 2014 are 5.2, 5.7 and 5.6 percent, respectively. Total food consumption in Turkey is also expected to grow by 34 percent while food consumption per capita is likely to grow 21 percent between 2009 and 2014, according to the report, which added that developments in the mass grocery retail industry and processed food industry are the key factors in this growth.