Turkish Economy

The Turkish economy has more than tripled in the last 19 years. The Turkish economy recorded record growth between 2003 and 2020, rising from the world's 18th largest economy in 2003 to 11th in 2020. It has the potential to grow further in the coming periods with its strong macroeconomic foundation built on strict fiscal discipline. Leaving its competitors behind, Turkey's growth momentum is expected to continue in the coming years.

Turkey also stands out with its young, dynamic and well-educated population. With 31.9 million people, it is the third largest labour force in Europe. The young population plays a critical role in the growth of the labour force. Compared to EU member states, Turkey has the youngest population.

Turkey's strategic location provides access to important export markets such as the EU, the Middle East, North Africa and Central Asia, while the market and product diversity of exports is increasing day by day. As of December 2022, 40.6% of Turkey's $254 billion exports were to EU countries. Turkey's favourable location, together with its strong and large domestic market structure and private sector support, has contributed to the country attracting significant investments and seizing export opportunities.

Finally, Turkey has undertaken comprehensive and important reforms in many areas in recent years. The country's proven resilience to crises will continue to be maintained with further reforms.

Via:

www.invest.gov.tr