The Turkish economy is one of the developing economies, which has witnessed an impressive economic development performance since 2000. Turkey has achieved a high and stable economic growth rate during the period between 2002 and 2017 in which it reached 7.4% in 2017, according to official data showed on March 29/2018.
The national poverty line for Turkey fell continuously from 13.3% in 2006 to 1.6% in 2015, which is considered a big achievement that Turkish people have never experienced before. Moreover, the Turkish economy attracted about $10.83 billion of net international direct investment with more than 5720 new foreign companies were established in 2017.
During the last decade, Turkey has adopted several regulations and laws according to European Union standards, opening to foreign trade agreements and developing public services and infrastructure, as well as establishing an advanced financial system. All of these adjustments enable Turkey to be an appropriate investment environment for both local and foreign investors.
Turkey is a founding member of the OECD and the G-20 major economies in which its economy becomes one of the world’s largest economies in the world.
Recently, Turkey has experienced hard years full of challenges and difficulties such as Syrian conflict and refugees’ crisis, failed military coup, and Turkish lira crisis, however, Turkey has proved its economy’s ability to overcome all the relative economic problems at the lowest costs. Additionally, the latest political election, which was a big success for government (AK Party) played a key role in enhancing the economic conditions and promoting the economic growth again.
The policies and measures, which Turkey has taken to tame the recent inflation in the country is a poof of the capacity of the government to confront any economic problem efficiently. Furthermore, Turkey could take advantage of the Turkish lira depreciation, in which Turkish lira becomes a competitive against other currencies such as Euro, which encourages higher domestic production due to the higher exporting, and increases the foreign demand on properties and constructing sector in Turkey.