Turkey is Europe’s 5th and the World’s 11th largest economy (PPP adjusted, current $, 2020). As of 2021, Turkey’s GDP stands at 803 billion (current $).
Turkish economy has more than tripled over the past 19 years and is capable of more growth in future with its strong macroeconomic fundamentals that are built upon fiscal discipline that keeps EU defined government debt stock to GDP ratio under Maastricht criteria (38% as of 3Q21 vs. 60% of GDP). Also, Turkey succeeded lower budget deficit to GDP ratio thanks to sustained fiscal discipline throughout years (as of 3Q21: -1.5% vs. EU: -3.7%)
Turkey has favorable demographics with its young and skilled workforce, when Turkey’s population is compared to EU countries Turkey has the youngest population, half of the population is under age 32 and the number of young adults who have attained a tertiary education has more than tripled in the last 19 years. Currently, more than 8 million students are enrolled in higher education and over 900,000 students graduated from university annually.
Moreover, Turkey’s convenient and strategic location enables Turkey to benefit from important export markets like EU, MENA and Central Asia market with increasing variety of products and markets. 41% of the US$ 225 billion merchandise exports have been made to EU countries in 2021.
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.