The construction sector in Turkey will reach $230 billion by 2024, according to the latest forecast published by Global Data, a world leader in data and analytics, through a report entitled “Construction in Turkey - Key Trends and Opportunities to 2024.”
And the report published by "Global Data" stated that the construction sector in Turkey is recovering from the current recession thanks to the Turkish government's focus on developing infrastructure for the transportation, housing, and energy sectors, in addition to many investments in the framework of development according to the "Eleventh Five-Year" development plan
The Global Data report for data and analysis revealed that the industrial sector will witness a real boost thanks to the significant investments that will be made in transport infrastructure in light of the government's vision for the year 2023.
The report issued by Global Data cited the statements of the company's chief economist, Danny Richards, who detailed the Turkish government scheme, saying that it aims to boost economic growth by 2023 by setting huge development goals, most notably building 13,478 km of new roads and 5,748 km of the new highways before entering the year 2024.
In his intervention, Richards also talked about the railway sector and the plan to develop it through the construction of a 10,000 km high-speed rail line across various regions of the country by the end of the next year 2023.
Richards also stated that the construction sector in Turkey, although it witnessed a decline last year, i.e. 2019, contracted by about 8 percent after a decline recorded in 2018, by 2.1 percent, the leap that it will witness in the next few years will change all the facts and make it a leader in the country's economic field.
The chief economist of "Global Data" stressed 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 increased expectations of further interest rate cuts.
According to Richards, despite the great difficulties and economic problems that had a strong impact on construction activity, Global Data expects a significant recovery in construction production in 2020, with the pace of growth continuing over the next few years.
A recovery that will be driven, according to the statements of the economist, "Danny Richards", with investments within the framework of the eleventh five-year development plan 2019-2023, which was drawn up by the Turkish government and aims through which the actual advancement of the Turkish economy will reach 1.1 trillion dollars with the generation of 226.6 billion US dollars in exports by the end of the year 2023.
It should be noted that according to previous reports in the construction sector, the economic downturn that Turkey witnessed due to a sharp decline in the value of the Turkish lira, or what is known as the currency crisis and a rise in interest rates, and consequently an increase in construction costs and the cost of borrowing, led to the suspension of many projects and the failure of dozens of projects. Building and construction companies, while other companies found themselves facing the inevitability of seeking protection from bankruptcy, repaying bank loans, or restructuring themselves to stop the negative repercussions of the downturn in the construction market.
A temporary decline met by the Turkish government with great future ambitions in the construction sector, as it seeks to make strenuous efforts in order to occupy the first ranks globally, as those in charge of the sector have become in recent years from exporters of experience and knowledge to countries abroad through the large employment of Turkish engineers who have accuracy and skills In addition, the activity of Turkish construction companies is distributed across 90 countries in the world.