World economy moving to east: Turkish business body head

BALIKESIR, Turkey

The global economy is moving to the east, which holds half of the world economy, said the head of the Turkish business body.

“Asian countries have 28% share in the global economy, we should raise our exports to the east,” Abdurrahman Kaan, the head of Independent Industrialists’ and Businessmen’s Association (MUSIAD), told Anadolu Agency.

Kaan said China’s share in the global market was 16% last year, while it was 2% in 1990, and it is expected to reach 19% in 2023.

Turkey’s exports to the Asian countries, except the Middle East countries, were $12.3 billion while its imports from them were $51.5 billion in 2018.

Africa also promises hope in trade, Kaan said, as the population of continent countries, which is currently around 1.8 billion people, will projected to raise significantly by 2050.

He added that the population growth in Africa will effect production and consumption, and Turkey works to be active in the region.

*Writing and contributions by Gokhan Ergocun from Istanbul
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