Turkey has been leading the economic race of the Middle East and the Islamic world for 12 years. Turkey's GDP, which was 40% of Russia's at purchasing power parity in 2010, reached 65% by 2021.
However, Saudi Arabia, which grew by 11.8% in the second quarter of this year, may unexpectedly take over the leadership. Reaching the highest quarterly growth rate in the last 10 years, Saudi Arabia may have the best economic growth rate at the end of the year since 2003.
In 2022, Saudi Arabia's growth rate will exceed 10%, while Turkey will grow more slowly, the experts claim. In 2010, the Turkish economy was only 20% larger than the Saudi economy, while in 2021 the gap reached 67%. The acceleration in Saudi Arabia along with the slowdown in the Turkish economy may completely reverse this trend.
Comments
No comment yet.