The Economy of Turkey: An Overview of Asia's Rising Star
Turkey is a country located in the crossroads of Europe and Asia. It is a country that is rich in culture, history and natural resources. It is also a country that has seen a remarkable economic transformation in recent years, becoming one of the most dynamic emerging markets in the world. The economy of Turkey is now the 17th largest in the world and is expected to continue to grow in the years to come.
Turkey has a diverse economy, with a large agricultural sector and a well-developed industrial sector. The country is home to many of the world's leading companies, including TAV Airports, Turkcell, and Turkish Airlines, and is the world's 17th largest exporter of goods. Turkey has a large and growing tourism industry, with over 40 million tourists visiting the country each year.
Turkey has a strong and diversified economy, with a well-developed industrial sector, a large and growing services sector, and a strong agricultural sector. The country has a well-developed banking sector, with several large and international banks operating in the country. The country also has a large and growing stock market, with the Istanbul Stock Exchange having a market capitalization of over $100 billion.
Turkey has seen tremendous economic growth in recent years, with GDP growth averaging 6.2% over the past five years. The country has also seen a significant reduction in poverty, with the poverty rate falling from 28.3% in 2003 to 15.3% in 2016.
The Turkish economy is expected to continue to grow in the years to come, with GDP growth projected to reach 5.5% in 2020. The country is also expected to see a reduction in unemployment, with the unemployment rate projected to fall to 8.7% in 2020.
In addition to its strong economic growth, Turkey has also seen a significant increase in foreign direct investment (FDI). The country has seen FDI inflows of over $20 billion in 2017, making it one of the top recipients of FDI in the world.
Turkey is also a major player in the global energy market. The country is the world's 4th largest producer of natural gas, and the 8th largest producer of crude oil. The country is also a major exporter of electricity, with electricity exports accounting for nearly 5% of total exports.
The Turkish economy is expected to continue to grow in the years to come, and the country is well-positioned to benefit from the global economy. With its strong economic growth, diversified economy, and growing FDI inflows, Turkey is an emerging market that is well worth keeping an eye on.