The Economy of Turkey

Turkey is currently ranked the 15th largest economy in the world and is a member of the G-20. The economy expanded by 5% to 6% in the second quarter of this year, according to the central bank, marking it one of the strongest performances anywhere in the world. Due to the infancy of the nation’s economy and the speed in which it has developed, Turkey’s classification is often disputed. According to many it is a newly industrialized country while others would categorize it as an emerging market. Either way, the country has experienced impressive growth over the past few years, and has become a major player in global economics.

Business and industry: Turkey’s economy is largely dominated by modern industries and the services sector. The country is amongst the world’s leading producers of agricultural products; textiles; motor vehicles, ships and other transportation equipment; construction materials; consumer electronics and home appliances. In recent years, Turkey has had a rapidly growing private sector, yet the state still plays a major role in industry, banking, transport, and communications.

Infrastructure: As part of Turkey’s bid to join the EU, authorities have put an emphasis on increasing and improving its infrastructure. Plans are in place to develop mass transport systems and modernise infrastructure to aid the growth of industry. This initiative has been focused on bolstering its maritime shipping business, building bigger airports and enhancing its railway grid, making the country more accessible to tourists.