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Turkish economy
In addition, the ranking of the Turkish economy globally is constantly improving, thanks to the firm steps taken by Turkey in the way of development and growth

Turkish economy

In addition, the private sector has an important position in the economic arena, and the public economic sector in Turkey is concerned with regulatory work and the implementation of the free foreign trade policy. And the free circulation of funds and services between individuals and institutions without any obstacles, in what can be described as a free market economy.

 

Turkey's economy:

Turkey has now, through its solid economy, ranked the eighteenth largest economy in the world, with a gross domestic product of about $736.716 billion, while Turkey aims to bring its economy to the tenth largest economy by 2023.

 

What are the advantages of the Turkish economy?

• One of the most important features of the Turkish economy is that it is a diversified economy, as Turkey's gross domestic product includes a tangible contribution to the sectors of industry, agriculture, tourism, trade and the rest of the components of the service sector

 • Perhaps the most important characteristic of the Turkish economy is that it always proves that it is above expectations, and that it is a renewed economy in its ability to overcome difficulties, despite the sensitive stage that the Turkish lira is going through,

The Turkish economy is also characterized by the presence of a strong production base that enables it to achieve high growth rates compared to many other countries.

• Turkey's strong and flexible production base achieves a great advantage, from an economic point of view, as it takes advantage of the remarkable depreciation of the local currency, and turns the problem into an opportunity

• Turkey is witnessing a technological renaissance in the armament sector, which led to an increase in its exports during the five years.

 

What are the disadvantages of the Turkish economy?

• One of the most important defects of the Turkish economy appears to be the speed of investors' vulnerability to the news, which makes it subject to immediate instability

• According to the data of the Central Bank of Turkey, the inflation rate reached 19.85%, which is undoubtedly a high rate, and the government aims to reduce it to about 16%, but an analysis of the economic reality reveals to us that inflation in Turkey comes from both sides of supply and demand together.

• A high interest rate leads to an increase in the costs of production and services, especially if the economy relies heavily on bank credit.

• The depreciation of the local currency leads to a decrease in its purchasing value, and thus increases inflation from the demand side,

• As the data of the Central Bank of Turkey showed, the rate of utilization of the capacity of manufacturers declined, as the government closed nearly two hundred thousand companies in an attempt to limit the spread of the new virus, while announcing a series of financial measures to prevent companies from laying off workers, such as tax cuts and deferred payments.

 

The future of the Turkish economy:

The study, based on real economic criteria, indicated that the global economic balances will change in the coming years, and the economic power will move towards emerging economies in the long run.

While the study showed optimism that the Turkish gross domestic product would rise to more than $5 trillion by the year 2050, which confirms that the Turkish government's talk about Turkey's upcoming economic power is based on indicators, studies, and data.

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