World faces difficulties due to protectionism: Minister Pekcan

The world is going through a difficult period due to increasing political and economic uncertainties and protectionism, Turkey's trade minister said Friday.

The share of developing countries in the world economy has been on the rise since 2000, and developed countries are taking protectionist measures against this situation, Ruhsar Pekcan stressed at the Turkey 2023 Summit in Istanbul.

She noted that while developing countries in 2000 only had a share of 43.2% in global GDP, this had since risen to 59.2% in 2018.

Pekcan highlighted that the developing countries' share in the global goods trade also rose to 48.3% in 2018 from 34.2% in 2000.

She noted that rather than low-cost labor and population, economic growth is now based on research and development, technology, innovation and educated human capital that can produce and use technology.

"In Turkey, we want to utilize this great transformation, which will radically change the world economy, as an opportunity," the minister added.