Turkic States Economic Power Surges to $2.11 Trillion
Turkic Council nations’ combined economy hits $2.11 trillion. Trade volume reaches $1.13 trillion as Middle Corridor logistics surge.
The combined Gross Domestic Product (GDP) of the Turkic States Cooperation Council (Turkic Council) member and observer countries has reached $2.11 trillion, representing approximately 2% of the global economy. This economic bloc spans 4.82 million square kilometers and is home to 178.8 million people, constituting 2.8% of the world’s population.
The total trade volume among these nations stands at $1.13 trillion, accounting for 3.6% of global trade. These figures were detailed in an analysis report by the Center for Analysis of Economic Reforms and Communication of Azerbaijan, which examined the economic performance, trade potential, logistical capabilities, and technological integration of the Turkic Council states.
Economic Integration and Key Players
The report indicates a shift in economic relations among Turkic Council countries, moving from traditional trade towards a more integrated economic model. Within this evolving landscape, Turkey leads in trade relations, while Azerbaijan is at the forefront of direct foreign investments.
The analysis highlights that the economic ties are becoming increasingly comprehensive, driven by the countries’ economic capacity, geographical location, and transportation infrastructure.
Logistics and the Middle Corridor Gain Momentum
Logistical connections play a crucial role in the economic outlook of the Turkic Council states. Geopolitical shifts have amplified the strategic importance of the Middle Corridor, leading to increased logistical activity along its route.
Specifically, dry cargo transportation via the Caspian Sea has risen by 34%, and container handling at the Port of Baku has increased by 15%. East-West railway transit passages saw a 12% increase, with the Middle Corridor’s resilience index measured at 0.5 out of 1.
