Total economy of Organization of Turkic States countries reaches $2.11 trillion
According to a new report, the total economy of the Organization of Turkic States member and observer countries has risen to $2.11 trillion, and their trade volume to $1.13 trillion.
According to a report prepared by Azerbaijan's Center for Analysis of Economic Reforms and Communication, the total economy of the Organization of Turkic States member and observer countries reached $2.11 trillion, while their trade volume reached $1.13 trillion.
Geographical and Demographic Data
The countries within the Organization of Turkic States span a total geographical area of 4.82 million square kilometers.
The member and observer countries of the organization are home to 178.8 million people, corresponding to 2.8 percent of the world's population.
Economic Size and Trade Volume
It was noted that the total gross domestic product of the OTS countries is $2.11 trillion, and these economies represent approximately 2 percent of the global economy.
It was stated that the total trade volume of the countries in question reached $1.13 trillion, corresponding to 3.6 percent of world trade.
Prominent Roles of the Countries
The report revealed that economic relations among OTS countries are progressing from a traditional trade-focused structure toward a more integrated economic model.
It was conveyed that Turkey holds a leading position in trade relations and Azerbaijan in foreign direct investments during this economic transformation process.
Middle Corridor and Logistics Developments
While geopolitical changes increase the strategic importance of the Middle Corridor, logistical mobility along the corridor route continues to strengthen.
It was reflected in the report that dry cargo transportation via the Caspian Sea increased by 34 percent.
Transportation and Transit Passage Increases
It was stated that the amount of container handling at the Baku Port increased by 15 percent.
It was expressed that East-West railway transits also increased by 12 percent, and the resilience index of the Middle Corridor was measured as 0.5 out of 1.