Turkey is Europe’s 6th and the World’s 13th largest economy (PPP adjusted, current $, 2019). As of 2020, Turkey’s GDP stands at 717 billion (current $).
Turkish economy has more than tripled over the past 16 years and is capable of more growth in future with its strong macroeconomic fundamentals that are built upon fiscal discipline that keeps EU defined government debt stock to GDP ratio under Maastricht criteria (40% as of 4Q20 vs. 60% of GDP).
Turkey has favorable demographics with its young and skilled workforce; half of the population is under age 32 and the number of young adults who have attained a tertiary education has tripled in the last 16 years.
Moreover, Turkey’s convenient and strategic location enables Turkey to benefit from important export markets like EU market with increasing variety of products and markets. 50% of the US$ 169 billion merchandise exports have been made to EU countries in 2020.
Together with Turkey’s robust domestic market and diversified and business oriented private sector, this strategic location helps Turkey to tap investment and export opportunities. Finally yet importantly, Turkey has applied comprehensive reforms in many areas and is willing to continue doing so in order to maintain its proven resilience.