In this entry, we compare Turkey’s post-2005 growth performance with three other developing or “emerging” economies: Mexico, Indonesia, and Nigeria. Together these four countries are referred to as MINTs. While these countries have significant differences among themselves, they are all middle income countries with similar demographic charateristics. According to a BBC news analysis, “they are all going to see a rise in the number of people eligible to work relative to those not working”.
The trends in Table 1 indicate that, despite the claims that the 2008 economic crisis barely affected Turkey, compared to this set of countries, relatively speaking, her GDP per capita (at constant [2005] prices) growth rates appear to be more dramatically affected—both in its downward and upward swings. But note that in 2008 Turkey’s and Mexico’s crisis performances resemble to each other and closer to the average of OECD countries (also included in the table as a point of reference). Yet after 2011, Turkey’s growth performance has declined more forcefully compared to Nigeria and Indonesia and after 2012, Turkey and Mexico failed to regain their pre-crisis rates of growth. On the other hand, the post-crisis average growth rate among the OECD countries, given that most of them are developed economies, has stabilized at a lower rate of growth.
Sources:
Comparative dataset is downloaded from the World Bank website, “GDP per capita growth (annual %)” link.
Measure: “GDP per capita growth (annual %)”
Image: Nalan Yırtmaç
