The Union of Arab Banks (UAB) published in its second issue – July 2024, a report on the “Economic Relations between Arab Countries and Turkey”. The report focused on the development of the Turkish economy, the economic relation between Arab countries and Turkey, specifically trade, tourism and investments. Lastly, the report discussed the constraints and opportunities related to future relations between Arab countries and Turkey.
Turkey is a member of the G-20 countries, being one of the 20 biggest economies worldwide. What is special about the Turkish economy is that it is well-diversified, along industrial, trade, tourism, agricultural, and services sectors. As per Turkish Statistics Authority, the growth in the economy recorded 4.5% in the fourth quarter of 2023 reaching $842.2B, with forecasts of growth of 4%, 4.5%, and 5% in 2024, 2025, and 2026 respectively. In addition, Turkey’s geographic location makes it a connecting point between Western countries and Eastern countries including the Middle East.
For the full report, click on the link below: