What Is the State of the Turkish Economy in 2024?

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When it comes to investment migration, stability is key. Investors prefer secure countries, for both Residency and Citizenship by Investment. With this in mind, this news story reports on the state of the Turkish economy in 2024.

Fitch Ratings Upgrade

The latest Fitch Ratings see Türkiye receive a B+, replacing the previous B, for its Long-Term Foreign-Currency Issuer Default Rating (IDR).

This higher mark “reflects increased confidence in the durability and effectiveness of policies implemented since the pivot in June 2023, including greater-than-expected frontloading of monetary policy tightening, in reducing macroeconomic and external vulnerabilities.”

S&P Global Ratings’ Take on the Turkish Economy

Fitch’s fellow international credit rating agency similarly enthuses about the economy in Türkiye. A second-quarter economic outlook report revises predictions of Turkish growth. S&P Global Ratings increase them from 2.4% to 3% in 2024 and from 2.7% to 3% in 2025.

Latitude Reacts to the Improved Ratings

Mohammad Motavasel is our Türkiye Managing Director. He is heartened by the news affirming the healthy state of the Turkish economy, remarking: “Walk around the streets of Istanbul and you’ll discover a prosperous city that reflects a confident country on an upward trajectory.”

“Turkish Citizenship by Investment continues to represent the safest of choices, ” Motavasel concludes.

Our Türkiye Country Manager Tolga Duruman is also buoyed by the credit ratings. “Türkiye has a poise that you immediately experience upon touching down at our main international airport, a stylish creation that’s a hit with arriving HNWIs.”

“Where the European golden visas are limiting their real estate options, you can still make a qualifying property investment in Türkiye,” points out Duruman.

How to Secure Turkish Citizenship by Investment in 2024

What are the first steps you should take to obtaining Citizenship by Investment in Türkiye in 2024? Consult a reputable investment migration firm like Latitude Group to receive the most informed advice. So, don’t delay and contact us today.