In a written statement, the World Bank Group said it recently launched an economic memorandum on "Firm Productivity and Economic Growth in Turkey" at a conference held in the capital Ankara.
"While acknowledging the importance of economic stability, the memorandum explored how Turkey could achieve sustained growth by accelerating productivity, particularly in 'pro-development' sectors, capable of delivering both added value and employment," it said.
The World Bank highlighted that economic integration and innovation have boosted firm-level productivity, though reforms could further accelerate these positive impacts.
"The analysis shows that the most productive industries and firms are not necessarily capturing the most resources.
"Apart from a handful of industries such as motor vehicles, basic metals and textiles, productivity in manufacturing has more recently stagnated," it said.
The group said that while construction and services have expanded rapidly, they also exhibit low and falling productivity.
"In services, there is scope to expand more sophisticated industries like information and communications technologies which raise productivity in manufacturing and other sectors," it said.
The World Bank also noted that growth and development required more productive companies to compete in the current world market, which can be enabled through structural reforms.
Read more at : Turkey needs higher productivity for continual growth: World Bank - Latest News
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"While acknowledging the importance of economic stability, the memorandum explored how Turkey could achieve sustained growth by accelerating productivity, particularly in 'pro-development' sectors, capable of delivering both added value and employment," it said.
The World Bank highlighted that economic integration and innovation have boosted firm-level productivity, though reforms could further accelerate these positive impacts.
"The analysis shows that the most productive industries and firms are not necessarily capturing the most resources.
"Apart from a handful of industries such as motor vehicles, basic metals and textiles, productivity in manufacturing has more recently stagnated," it said.
The group said that while construction and services have expanded rapidly, they also exhibit low and falling productivity.
"In services, there is scope to expand more sophisticated industries like information and communications technologies which raise productivity in manufacturing and other sectors," it said.
The World Bank also noted that growth and development required more productive companies to compete in the current world market, which can be enabled through structural reforms.
Read more at : Turkey needs higher productivity for continual growth: World Bank - Latest News
The Digest Group
Almere-Digest
EU-Digest
Insure-Digest
Turkish-Digest
For additional information, including advertising rates - e-mail:Freeplanet@protonmail.com
