POSTED: February 10th 2012

Istanbul 2020: Turkish economic growth rate lends much credibility to the bid

The iconic Istanbul skyline over the Bosphorus / Istanbul 2020
The iconic Istanbul skyline over the Bosphorus / Istanbul 2020

LAURA WALDEN / Sports Features Communications

TAMPA: The steady growth of the Turkish economy as documented in two sets of reports reveals more than an 8% increase in 2011. This will be a boost to the information submitted to the International Olympic Committee (IOC) next week for the applicant file.

Two different sets of economic statistics show 8.3% growth for Turkey forecasted in 2011 in a report prepared by the International Monetary Fund (IMF)  for the G–20 Meeting of Deputies in January 2012.  Adding to this the Turkish Statistical Institute reported that Turkey's GDP rose by over 8% last year as well.

In spite of the fact that this is Istanbul's fifth bid, such a strong economic outlook is definitely a plus especially when Italy and Spain are both going through notable economic crises.

Ugur Erdener, IOC member and head of the Turkish Olympic Committee, said, “In these troubled economic times, it is important for the Olympic Movement to look carefully at large and populous emerging nations, such as Turkey, which have a robust and resilient economy capable of supporting a world-class Olympic and Paralympic Games.

"I believe that Turkey has an economy that offers the Olympic Movement a very bright and exciting future."

Turkey’s GDP more than tripled between 2002 and 2010 ($231 billion to $736 billion) and it is also predicted to have the strongest growing economy within the Organisation for Economic Cooperation and Development (OECD) between 2011 and 2017. 

On top of this, the Boston Consulting Group shows Turkey as the 15th most attractive country in the world for Foreign Direct Investment (FDI).

Hasan Arat, vice-president of the of the NOC, said, “Istanbul 2020 welcomes these new sets of data. They prove what we have been saying quietly and confidently for several years now: that Turkey is building a strong, stable and sustainable new economic model.

"Turkey has an economy that will comfortably support an inspirational Olympic and Paralympic Games in 2020, that will in turn provide further stimulus for continued economic development.

“With such economic growth we have been able to tackle many of the challenges faced by previous Istanbul bids. It has enabled us to create an innovative and compelling concept that will be outlined in our Application File that I and my team look forward to delivering in person to the IOC on Wednesday next week (15 February)."

Istanbul will be among six cities to join the 2020 bid race for the summer Olympics, and is joined by Baku, Doha, Madrid, Rome, and Tokyo.

The final vote to decide the host city will be carried out at the IOC session in Buenos Aires, Argentina on September 7, 2013.

Keywords · Istanbul 2020 · Olympic bidding · Ugur Erdener · Hasan Arat · economy

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