According to the IMF, Turkey’s return to the top 20 in 2027

According to the latest IMF World Economic Outlook report, Turkey has dropped to the position of the 21st largest economy in the world with $806.8 billion in 2021.

In 2020, Turkey ranked 20th. However, with Saudi Arabia’s economy reaching a size of $833.4 billion, it dropped from the top 20 last year. In 2021, the US continued to be the world’s largest economy with 23 trillion dollars, followed by China with 17 trillion and 460 billion dollars and Japan with 4 trillion and 940 million dollars.

Top 25 economies in 2021:

Table Country (GDP/billions of dollars)
1 USA 23,000
two Chinese 17460
3 Japan 4940
4 Germany 4230
5 England 3190
6 India 3180
7 France 2940
8 Italy 2100
9 Canada nineteen ninety
10 South Korea 1800
11th Russia 1780
12 Australia 1630
13 Brazil 1610
14 Iranian 1430
15 Spain 1430
16 Mexican 1290
17 Indonesia 1190
18 Netherlands 1020
19 S. Arabia 833.54
20 Switzerland 812.55
21 Peru 806.8
22 Taiwan 789.51
23 Poland 674.13
24 Sweden 627.44
25 Belgium 599.99

In 2022, the IMF expects the post-pandemic recovery to be halted due to Russia’s attempt to invade Ukraine. For that reason, global growth, which was 6.1% last year, is expected to drop to 3.6% this year. The IMF expects Turkey to grow 2.7% this year, below the world average.

As a result, it was estimated by the IMF that by the end of 2022, the Turkish economy would drop to 23rd place, surpassing Taiwan and Poland with $692.4 billion.

Top 25 economic forecasts for 2022:

Table Country (GDP/billions of dollars)
1 USA 25350
two Chinese 19910
3 Japan 4910
4 Germany 4260
5 India 3530
6 England 3380
7 France 2940
8 Canada 2220
9 Italy 2060
10 Brazil 1830
11th Russia 1830
12 South Korea 1800
13 Australia 1750
14 Iranian 1740
15 Spain 1440
16 Mexican 1320
17 Indonesia 1290
18 S. Arabia 1040
19 Netherlands 1010
20 Switzerland 841.97
21 Taiwan 841.21
22 Poland 699.56
23 Peru 692.38
24 Sweden 621.24
25 Belgium 609.89

ORDER WILL NOT CHANGE IN 2023

The IMF announced its global growth forecast for 2023, the same as for 2022, at 3.6%. In that year, Turkey was expected to grow by 3%, again below the world average.

According to IMF estimates, Turkey still reaches an economic size of 714.3 billion dollars. In 2023, it will continue to hold its 23rd place in 2022.

Top 25 economic forecasts for 2023:

Table Country (GDP/billions of dollars)
1 USA 26700
two Chinese 21870
3 Japan 5290
4 Germany 4560
5 India 3890
6 England 3690
7 France 3090
8 Canada 2360
9 Italy 2170
10 Brazil 1980
11th South Korea 1920
12 Australia 1830
13 Iranian 1780
14 Russia 1710
15 Spain 1520
16 Indonesia 1410
17 Mexican 1380
18 Netherlands 1070
19 S. Arabia 1020
20 Taiwan 892.52
21 Switzerland 888.2
22 Poland 755.65
23 Peru 714.31
24 Sweden 669.87
25 Belgium 639.72

According to the report, Turkey will continue to rank 23rd in 2024. In 2025, it will overtake Poland, which will have a GDP of USD 913.2 billion and USD 883.3 billion, and rise to 22nd place.

$1 trillion by 2026

In 2026, however, Turkey will remain in 22nd place, but the important threshold of 1 trillion dollars will be left behind. In 2027, Turkey will return to the top 20 after a 7-year hiatus. Turkey will be the 19th largest economy in the world with 1 trillion of 140 billion dollars.

Top 25 economic forecasts for 2027:

Table Country (GDP/billions of dollars)
1 USA 30970
two Chinese 29130
3 Japan 6260
4 India 5530
5 Germany 5360
6 England 4550
7 France 3620
8 Canada 2800
9 Italy 2530
10 Brazil 2450
11th South Korea 2300
12 Australia 2190
13 Iranian 2120
14 Indonesia 1870
15 Spain 1820
16 Russia 1800
17 Mexican 1650
18 Netherlands 1270
19 Peru 1140
20 S. Arabia 1,110
21 Taiwan 1,100
22 Switzerland 1060
23 Poland 993.95
24 Nigeria 958.49
25 Sweden 833.34

While the US is predicted to be the world’s largest economy with 30 trillion 970 billion dollars in 2027, this country will be followed by China with 29 trillion 130 billion dollars, Japan with 6 trillion 260 billion dollars and India with 5 trillion 530 billion dollars.

IT WAS US$957 BILLION IN 2013

According to IMF data, Turkey reached the largest economic size in its history with 957.5 billion dollars in 2013. Turkey, which rose to the position of 16th largest economy in the world in that year, maintained this position also in 2014 and 2015.

The position of the Turkish economy in the world for years:

Year GDP (billions of dollars) Table
1991 208.4 21
1992 219.8 21
1993 248.57 18
1994 179.36 24
1995 233.57 24
1996 250.49 23
1997 261.86 21
1998 275.83 20
1999 256.57 22
2000 274.32 20
2001 202.25 23
2002 240.19 21
2003 314.75 21
2004 409.13 17
2005 506.19 17
2006 555.13 17
2007 680.49 17
2008 770.82 17
2009 648.8 17
2010 776.56 17
2011 838.51 18
2012 880.14 17
2013 957.5 16
2014 938.51 16
2015 864.07 16
2016 869.28 17
2017 858.93 17
2018 779.69 19
2019 760.52 19
2020 719.92 20
2021 806.8 21

In 2016, it was transferred to Indonesia and dropped to 17th place. Then, in 2018, it dropped to 19th place, moving on to the Netherlands and Saudi Arabia. It dropped to 20th place in 2020.


Leave a Comment