With 230 billion dollars in investment ... Turkey is willing to be a pioneer in the construction sector in 2024:
The construction sector in Turkey will reach $ 230 billion by 2024, according to the latest forecast published by Global Data, the world leader in data and analysis, through a report titled "Building in Turkey - Key Trends and Opportunities Until 2024"
According to the published report from "Global Data", the construction sector in Turkey is recovering from the current recession thanks to the Turkish government's focus on developing the infrastructure of the transport sector, housing, energy, in addition to many investments in the framework of development according to the "eleventh five-year development plan" .
The Global Data report revealed that the industrial sector will witness a real boost thanks to the large investments that will be made in the transportation infrastructure in light of the government's vision for the year 2023.
The report issued by "Global Data" cited the statements of the chief economist of the company, "Danny Richards", who went into detail in the Turkish government plan, where he said that Turkey aims to boost economic growth by 2023 through underlining huge development goals, most notably building 13.478 km of new roads and 5748 km One of the new highways before entering the year 2024.
In his intervention, Richards also talked about the rail sector and its development plan by constructing a 10,000-km high-speed railway across the country by the end of the year 2023.
Richards also stated that the construction sector in Turkey, despite the decline in the past year, i.e. 2019, decreased by almost 8 percent after its record decline in 2018 by 2.1 percent, but the jump that will be witnessed in the next few years will change all data and make it a pioneer in the country's economic field.
The chief economist, Global Data, confirmed that the worst is over in the construction sector in Turkey, as all indications point to actual positive indicators of achieving significant economic growth during the current year 2020 with increasing expectations for more rate cuts.
According to Richards, despite the great difficulties and economic problems that have had a strong impact on construction activity, Global Data expects a significant recovery in construction production in 2020 with continued growth over the next few years.
A recovery will be driven, according to the statements of economist Danny Richards, with investments in the framework of the eleventh five-year development plan 2019-2023, which was laid out by the Turkish government and aims to effectively revive the Turkish economy to reach $ 1.1 trillion with the producing of $ 226.6 billion in exports by the end of the year 2023.
It is worth noting that, according to previous reports in the construction sector, the economic downturn experienced by Turkey due to a sharp decrease in the value of the Turkish lira, or the so-called currency crisis, and an increase in interest rates, and consequently the increase in construction costs and the cost of borrowing, led to the suspension of many projects and the failure of dozens of Building and construction companies, while other companies found themselves facing the inevitability of requesting bankruptcy protection or the payment of bank loans or restructuring themselves to stop the negative repercussions of the decline in the construction market.
A temporary retreat that the Turkish government met with great future aspirations in the construction sector as it seeks to make strenuous efforts to square the world’s first ranks, as those in the sector have become in recent years sources of experience and knowledge to countries abroad through the large recruitment of Turkish engineers who possess accuracy and skills High in business, in addition to that the activity of Turkish contracting companies was distributed over 90 countries in the world.