The Economic Future of the Turkic World

TASCA
Apr 27
3 min read

A Common Future: 2040 Vision

With the establishment of the Organization of Turkic States, a crucial step has been taken toward closer cooperation and integration among Turkic states. Through the 2040 Vision, the member states set clear goals for trade, economy, energy, education, technology, transportation, communication, and culture.

The primary objective is to build a financially independent, digitally integrated, and technologically advanced Turkic World, while simultaneously strengthening political, cultural, and historical ties.

General Economic Outlook of the Turkic World

The Turkic states exhibit diverse economic structures. Countries such as Turkey and Azerbaijan are more open to international markets, while Central Asian countries are more dependent on energy exports.

According to 2021 data:

Total foreign trade volume: 720 billion USD.
Intra-Organization trade: 14 billion USD.

The Vision 2040 document aims to increase the intra-Organization trade volume, develop new financial infrastructures, and strengthen technological partnerships.

Economic and Demographic Potentials

Population:

In 2021, the combined population of Turkic states was approximately 170 million.
By 2040, it is projected to exceed 200 million.

GDP:

2021: Total GDP around 1.2 trillion USD.
2027 (forecast): Total GDP expected to reach 2 trillion USD.

Contribution to the Global Economy:

Expected to surpass 3% by 2050 (source: PwC projections).

Importance of Regional Trade and Investment

While the Turkic states engage significantly with global markets, internal trade among themselves remains relatively low. Increasing this trade volume is among the primary targets of the 2040 Vision.

Priorities include:

Development of transport corridors.
Creation of digital trade platforms.
Promotion of cross-border investments.

The development of Asia-Europe corridors will enable the Turkic states to become critical players in global supply chains.

Strategic Sectors for the Turkic World

The 2040 Vision identifies several strategic sectors:

Energy and Natural Resources: Rich oil, natural gas, and mineral reserves.
Agriculture and Food Security: Expanding agricultural lands and water resources.
Digital Economy and Technology: Potential for growth in digital finance, e-commerce, and blockchain technologies.
Logistics and Transport: Key geographical location connecting Asia and Europe.
Tourism and Culture: Rich cultural heritage and natural tourism potential.

The Organization of Turkic States aims to turn these advantages into concrete economic power.

The Role of the Turkic World in Global Transformations

The 21st century is defined by technological innovation, knowledge-based economies, and regional integration.

The Fourth Industrial Revolution requires countries to:

Adapt to new production technologies.
Integrate big data, artificial intelligence, and the internet of things (IoT).
Strengthen cybersecurity and digital infrastructures.

The Turkic states must prioritize investment in these areas.

The upcoming Fifth Industrial Revolution will emphasize:

Artificial intelligence autonomy.
Smart cities and smart homes.
Renewable energy transitions.

This makes investment in education, technology development, and infrastructure even more urgent for the Turkic World.

Technological Infrastructure and Investment Strategies

Steps required:

Establishing national and regional innovation centers.
Encouraging public-private partnerships in high-tech fields.
Expanding 5G infrastructure and digital communication networks.
Promoting research and development (R&D) in AI, biotechnology, and nanotechnology.

The Organization of Turkic States envisions creating Digital Silk Roads connecting its members through next-generation internet technologies.