KPMG “Bakış”, which is published every three months, provide information on main macroeconomic indicators in Turkish and global economy, along with brief commentary. The topic of the third issue of Bakış is “Macro Trends in Turkish and Global Economy”.
2016 continues to be an extremely busy year for the world, both politically and economically.
No doubt the most important issue facing the global economy in recent months has been Brexit. This exit will have effects not only on the EU economy, but on the global economy as well. Turkey is one of the economies that will feel the effects of Brexit and the exit will adversely affect Turkey’s exports to EU and the UK, and positively affect exports to the rest of the world. The EU economy continues to perform weakly compared to the US and this will be the same in the coming period. Despite the fact that the US data is looking good, a comprehensive FED interest rate increase is not likely in a short period. A weak growth in global trade and investments, low levels in wages and the stalling performance of emerging countries are the factors restricting growth in 2016.
The Turkish economy continues a strong and dynamic performance, despite the fact that, in terms of the nature and the volume, the maximum of problems a country can face under normal conditions have occurred. All economic and commercial data continue to perform with the least damage possible. The reforms announced by the government in the past three months meet most of the long-awaited expectations for change in the economy. In this period, while investment, production and exports will be supported, the change in the private pension system has been a big step towards increasing national savings.