The data, which was released from the Turkish Statistical Institute, showed the country's Gross Domestic Product (GDP) rose dramatically by more than eight per cent last year.

This data is supported by another report prepared by the International Monetary Fund (IMF) for the G20 Meeting of Deputies last month, which revealed a growth rate of 8.3 per cent is forecasted for Turkey in 2011.

The new data comes at a key time for the Turkish capital because Istanbul and their five rivals – Baku, Doha, Madrid, Rome and Tokyo – are all due to submit their application files at the International Olympic Committee (IOC) headquarters in Lausanne before the deadline next Wednesday (February 15).

The IOC Executive Board will then announce in Quebec City on May 23 which cities are approved as official Candidate Cities.


The data is one of several key assets included in Istanbul 2020's application file with Hasan Arat (pictured), a leading member of the Istanbul 2020 bid team and vice-president of the National Olympic Committee of Turkey (NOCT), admitting that the new statistics give a timely boost to the bid.

"Istanbul 2020 welcomes these new sets of data," said Arat, who is also a highly successful businessman and former top-level basketball player.

"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."

According to Government policy makers, Turkey's GDP more than tripled between 2002 and 2010 from $231 billion (£147 billion/€176 billion) to $736 billion (£467 billion/€558 billion) and it is predicted to have the strongest growing economy within the Organisation for Economic Cooperation and Development (OECD) between 2011 and 2017.

The Economist Intelligence Unit estimates Turkey's real growth in GDP per capita will exceed the EU27 before 2020.

It sends an ominous warning to some of Istanbul's 2012 bid rivals, particularly Madrid and Rome because the economies in both Spain and Italy respectively are currently suffering very turbulent times.


Uğur Erdener (pictured), the President of the NOCT as well as an influential IOC member and President of FITA, the World Archery Federation, said that the new data is important for the Olympic governing body to look at so that they can ensure Istanbul can deliver on their promises financially should they win the right to host the games.

"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," he said.

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

The financial strength behind Istanbul's Olympic bid has also been underlined in a recent report by the Boston Consulting Group which shows Turkey as the 15th most attractive country in the world for Foreign Direct Investment (FDI).

This has resulted in Turkey being the only OECD country whose credit rating has been upgraded during the global financial crisis, with public debt predicted to reduce from 37 per cent of GDP in 2012 to 32 per cent in 2014, one of the lowest among OECD nations.

Contact the writer of this story at [email protected]


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