with the world economy set for its slowest expansion since the global financial crisis. In an update to its economic forecasts from May, the biggest upward revision among the member countries the institution made was for Turkey. It now projects the economy would contract 0.3% this year. It had previously estimated the economy would contract 2.9%. On the other hand, it did not change its projection for 2020 and expects the Turkish economy to post growth of 1.6% Noting that Turkey’s GDP in the first half of 2019 was stronger than expectations helped by temporary fiscal and quasi-fiscal spending and strong tourism exports, the OECD said: “However, investment continues to contract and credit growth is still weak.” It noted that monetary policy easing should help growth to pick up modestly to just over 1.5% in 2020, provided domestic and international confidence is maintained.
As it slashed its global forecast, the OECD warned the trade war between the U.S. and China has plunged global growth to its lowest levels in a decade. It said that the global economy risked entering a new, lasting low-growth phase if governments continued to dither over how to respond.
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Turkish Auto Industry Eyes Over $500M In Exports To Russia
The leader of national exports, Turkey’s automotive industry expects its exports to Russia to exceed $500 million in 2019, according to the vice-chairman of the Uludag Automotive Industry Exporters Association (OIB).
Turkey Grants TL 28B In Support To Auto Industry
Turkey, seen as having the best chance to host the new factory of German carmaker Volkswagen, has been the investment base of the automotive industry over the last five years.
Volvo's Electric Brand Polestar Inaugurates China Factory With Exports To US, Europe On Sight
Amid rising trade tension, Volvo’s electric brand, Polestar, is going ahead with plans to export its first Chinese-made model to the United States next year, the automaker’s CEO said. Polestar opened a factory in the western city of Chengdu to produce the Polestar 1, a two-door, gasoline-electric hybrid coupe with a carbon-fiber body.
OECD Revises Turkey's Growth Estimate,cuts Global Outlook To Post-Crisis Low
The Organization for Economic Co-operation and Development (OECD) made a major revision in its projection for Turkish economic growth in 2019, as it warned about escalating trade tensions are eroding global growth prospects,
Turkey To Attract More FDI Despite Global Reduction
Having received around $13 billion in foreign direct investment (FDI) in 2018, Turkey will continue to attract more investments from across the globe, according to strategist and analyst Cüneyt Paksoy.
Foreign Direct Investment Records 6.3% Rise In First Half
Foreign direct investment (FDI) in Turkey increased by 6.3% from June last year to June 2019, reaching approximately $12.4 billion.
Turkish Auto Sector Records Rising Exports To European Union
The automotive sector, the engine of Turkish exports, achieved $1.3 billion in exports to European Union countries in August, an increase of nearly 10% compared to the same month last year.
Cezeri, Turkey's First Flying Car Debuts At Teknofest
Turkey’s first flying car, Cezeri became the most notable product at this year’s Teknofest, the country’s top aerospace and technology festival visited by nearly 2 million people from Sept. 17-22.
Turkish manufacturer enjoys 45% rise in overseas sales
TürkTraktör, the Turkish automotive industry’s first manufacturer that is still operational, saw its overseas sales turnover increase by 45% in the January-June period, the company said in a statement.
Turkish automotive sector keeps its lion's share in total exports
It is reported by Automotive Manufacturers Association (OSD) that automotive sector keeps its lion’s share in Turkey’s total exports during the first six months of the year.
Stopping the Race to the Bottom on Taxes
The U.S. is energizing a global effort to put a floor under corporate tax rates
DEBATE HEATS UP OVER HOW COUNTRIES TAX BIG TECH COMPANIES
An international debate over how countries tax big U.S. technology companies such as Google, Amazon and Facebook is heating up, presenting a challenge for President Joe Biden’s new administration.
Global Watchdog Proposes Tax Overhaul For Big Tech
A global economic watchdog this week proposed an overhaul of international tax rules to make sure big tech companies pay their dues and warned that failure to adopt it would make the economic recovery from COVID-19 harder.
REPORT FINDS GLOBAL ECONOMIC OUTLOOK NOT AS BAD AS EXPECTED
The global economy is not doing as bad as previously expected, especially in the United States and China, but has still suffered an unprecedented drop due to the coronavirus pandemic, an international watchdog said this week.
What is the future of IT certification?
Zuckerberg Accepts That Facebook May Have To Pay More Tax
Facebook CEO Mark Zuckerberg plans to throw his support behind international reforms that would require Silicon Valley tech giants to pay more tax in Europe.
The Global Fertility Crash
As birthrates fall, countries will be forced to adapt or fall behind.
How to Save the Middle Class
Today’s vision of the good life is rooted in twentieth-century ideals. It’s time to reinvent it
Dairy: A New Era of Innovation
Although most countries produce milk products, the structure of the dairy industry differs across the globe. Many major dairy-producing countries consume most of their output internally, while others (for example New Zealand) export a large percentage of their production. Local consumption is often in the form of liquid milk, while the bulk of international trade is in processed dairy products such as milk powder.
The Role of Green Budgeting Some Global Approaches
Making a country’s budget green is about integrating it into every aspect of our economy and ensuring there is no wasteful use of natural resources. In this article, Arvind Kumar says that budget should navigate a country’s economy on a path to move to the low-carbon, climate-resilient development path. He succinctly gives examples of some global approaches.