Lying partly in Europe and partly in Asia, Turkey is a beautiful country that has
ethnic links to the empires of Ottoman, Persian, Greek, Roman and Byzantine.
It is a developed country with its capital at Ankara and it has an emerging market.
It ranks 17th in the world in terms of nominal GDP
and 13th in GDP by PPP (Purchasing Power Parity).
It is the founding members of G-20 major economies and
Organisation for Economic Co-operative and Development.
In the list of top 100 billionaires of Turkey (Forbes List) 21 are women.
Labour force participation for the year 2018
is 52.2% while the employment rate is 46.6%.
Undergoing Projects
Istanbul New Airport which will be complete by 2030
will be one of the biggest airports in the world.
Kanal Istanbul which is due for opening in the year
2023 will change the face of waterway of Turkey.
Finance
One of the targets of Turkish administration is to transform
Istanbul into an important financial sector by 2023.
Banking accounts for 70% of the financial services in Turkey.
There are 51 banks out of which 33 are deposit banks, 13 are
development and investment banks and 5 are participation banks.
21 banks out of the 51 hold foreign capital and
30% assets are held for foreign investors.
Agriculture
Agriculture is an important part of the Turkish economy.
For the past 15 years their exports total up to $193.4 billion
while their agricultural imports total to $189.4 billion.
Hazelnuts, cherries, pomegranates, quinces, figs, tomatoes, watermelons, lentils,
pistachios, chickpeas, cucumbers, olives and onions are some of their biggest produces.
It is one of the top suppliers of vegetables
and fruits to the European Union.
Transport
There are 35 international airports and 22 domestic airports in Turkey.
Military bases count to 25.
The Turkish Airlines is among the largest carrier’s
in the world in terms of countries served.
Turkey is known for its four-lane highways and from the 31,106 km roadway
system 19,790 km is only four-lane highways – data based on 2017.
The country has 1,200 km of navigable waters and their merchant marine include 1,285 -
container ship 50, bulk carrier 78, oil tanker 121, general cargo 432 and others 604.
Telecommunications
Turk Telecom is the largest landline provider.
The largest internet service provider is TTNET which is owned by Turk Telecom.
Leading mobile operator providers include
Turkcell, Avea, Vodafone Turkey and TTNET Mobil.
Tourism
Foreign arrivals grew by 39% in 2018 in Turkey.
The direct contribution of Travel and Tourism to GDP is predicted to grow
by 4.9% per annum to Turkish New Lira 144.3 billion (4.8% of GDP) by 2027.
Turkish Currency and Debt Crisis, 2018
Presently the nation is facing a currency and
debt crisis because of financial contagion.
Their current deficits were $7.1 billion in the month of January, 2018.
The loans taken have been defaulted.
Their 12 month rolling deficit is $51.6 billion which is
one of the largest current account deficits in the world.
The value of Turkish Lira has gone down.
The nation is facing high inflation.