The energy sector is the heartbeat of the Turkish economy and has helped it grow exponentially despite the biting recession. In fact, statistics show that Turkey has been the best performing economy in Europe for the preceding 3 years. Experts even suggest that Turkey is projected to record an attractive GDP (Growth Domestic Product) growth of over 3 % for the year 2013.
At the epicenter of Turkish and the region’s economic boom is the Habboush Group, a leader in the administration and implementation of energy and infrastructure projects in Turkey and the region’s emerging markets. In addition, the Habboush Group centers on the upgrade, administration and investment incorporation sectors of the business in order to attain the requirements for completion of energy and infrastructure projects.
During Habboush Group’s 80 years’ operation, the company has been involved in a lot of bigger projects including power generation, and energy projects in Iraq and Turkey. The Habboush Group, along with CEO Wadie Habboush considers Turkey and Iraq vital frontiers in the region’s economics, so having a stable operational capability between these two regions would be greatly beneficial moving forward.
Turkish economic outlook is tremendous according to experts considering the demographics, macroeconomics, industrial advancement and demand for energy. Due to Turkish proximity to Iraq, it will make more economic sense to tap into the neighbor’s energy reserves. Iraq, particularly Southern Iraq, hold one of the biggest oil and gas reserves, but years of war have only stifled production and growth in the energy sector. Turkey has forged alliances with other international energy and infrastructure firms to reverse the trend and make Iraq a vital source of oil and gas in Turkey and Europe. This relationship can be harnessed further for the betterment of the two countries, the region, and the world.
The current events in Turkey and the region have not impacted Turkey in any way. Turkey’s strategic geographic location has enabled it to wade murky waters. Turkey acts as a transit point for Europe, the Middle East and Caspian region and this is a vital element of its economic stability. Another factor driving up Turkey’s economy is its population that is industrialized, young and emerging. The population is also vibrant with middle class that is ambitious and hardworking. To add to that, the economic atmosphere is welcoming to investors.
Another Key economic magnet for Turkish economy is its capital city, Istanbul. Istanbul is a cosmopolitan city that connects east and west. It’s considered the economic hub of Turkey and the region’s convenient business hub logistically. With the relationship between Turkey and Iraq becoming stronger each day, the next 5 years could see these two nations assume full status of big and stable markets in the region and globally.