ECONOMY OF TURKEY

ECONOMY OF TURKEY

Investment Turkey - Economy of Turkey

Turkey is a founding member of the United Nations (UN), the Organization of Islamic Cooperation (OIC), the Organization for Economic Co-operation and Development (OECD) and the Organization for Security and Co-operation in Europe (OSCE), a member state of the Council of Europe and NATO. Since 2005, Turkey is in accession negotiations with the European Union. The negotiations have been launched with the adoption of the Negotiation Framework by the Council of the European Union. Turkey and European Union’s relations cover 3 elements. These are; the application of Copenhagen Criteria’s, the application of EU acquis and the strength of civil society dialogue. According to the basis, negotiations are keeping up with European Union. Turkey is also a member of the G20 industrial nations which brings together the 20 largest economies of the world.

Turkey has marked a remarkable rate of growth after 1980’s. This has been attributed to three factors, namely a shift from agriculture towards industry and service activities, the modernization of the existing industry and technology transfer, and the effect of international trade and competition. Significant improvements in such a short period of time have registered Turkey on the world economic scale as an exceptional emerging economy, being the 17th largest economy in the world and the 6th largest economy when compared with the EU countries, according to GDP figures (at PPP) in 2014.

• The 17th largest economy in the world and the 6th largest economy compared with EU countries in 2014 (GDP at PPP, IMF-WEO).
• Robust economic growth over the last decade with an average annual real GDP growth of 5 percent 2003-2015
• GDP reached USD 820 billion in 2013, up from USD 305 billion in 2003.
• Sound economic policies with a prudent fiscal discipline
• Strong financial structure resilient to the global financial crisis.
• Institutionalized economy fueled by USD 135 billion of FDI in the past decade.