By 2028, Turkey will become the 12th largest global economy surpassing France, Australia, Italy, Indonesia, Spain, Saudi Arabia and Poland, according to the Center for Economics and Business Research (CEBR), a UK-based economics consultancy organization.
According to an Anadolu Agency analysis of a CEBR report on "World Economic League Table (WELT) for 2013," Turkey will rank 12th with a total gross domestic product (GDP) of $3.46 trillion in 2028.
The report predicts the Turkish economy will rank 17th among the world's largest economies at the end of 2013 with a GDP of $822 billion, 15th alongside other emerging markets in 2018 with $1.28 trillion, and 15th again in 2023 with $2.13 billion.
In 2018, the top five global economies are expected to be the US, China, Japan, Germany and the UK, respectively, followed by emerging market pioneers Russia, Brazil and India.
Furthermore, CEBR projections show that emerging markets will start moving upwards among the ranking of world economies as of 2023.
China is predicted to overtake in 2028 the US, the world's largest economy today, by reaching a GDP of $33.5 trillion compared to the latter's $32.2 trillion.
The top five global economies in 2028 - ranked in order- will be China, the US, India, Japan and Brazil, followed by Germany, the UK, Russia, Mexico, Canada, South Korea and Turkey, respectively.
"However, the Turkish outlook does depend on political stability and continued disturbances of the kind seen in 2013 could discourage investment and hence growth," CEBR notes.
Assessing the latest CEBR report, Ekinci Economics Consulting Founder Sevin Ekinci said, "CEBR previously predicted that Turkey would take the 16th place by 2022. The revision might have come after seeing the slowdown in emerging markets, especially Indonesia, and the weak recovery in the European Union. They used to be much more positive about the Indonesian economy and did see it in 10th place."
"Their prediction is quite important for Turkey's prestige. I know that investors in London follow CEBR. This means positive news for Turkey from the investors' point of view," Ekinci said.