TURKEY
Economy

Cities in TURKEY

Akyarlar	Alanya	Ankara
Antalya	Beldibi	Belek
Bodrum	Colakli	Fethiye
Gumbet	Içmeler	Istanbul
Kemer	Konakli	Kumkoy
Kusadasi	Lara	Marmaris
	Side

Economy

Ataturk international airport Istanbul_{Photo: Kulttuurinavigaattori CC 4.0 International no changes}

Turkey has a free market economy, dominated by the private sector. Through cooperation with the EC, a planned development policy and increasing income from guest labor, reasonable economic growth was achieved every year from 1965. Following the 1980 coup, a drastic economic restructuring program was implemented according to IMF recipe. This was aimed at promoting exports, countering inflation and austerity. Turkey also wanted to encourage foreign investment. Government expenditure was mainly focused on investments in infrastructure (large dam and road construction) and tourism. Initially, this economic policy was successful: exports grew, the balance of payments deficit narrowed and inflation fell. But after 1985, inflation and unemployment increased again and purchasing power declined.

Beach Ölüdeniz Turkey_{Photo: Sevtap Ön CC 3.0 Unported no changes made}

Foreign investment was disappointing and the foreign debt burden increased. The enormous population explosion also had a negative effect. About one fifth of the population is employed in the agricultural sector (2017), the productivity of which is not very high. About a quarter of the agricultural land is cultivated with forests, and 30% is used for livestock, mainly sheep and goats. Important products are also grain, cotton, grapes, olives, tobacco and hazelnuts. About 27% (2017) of the labor force works in industry and mining. A large part of the total export is provided by textile factories. In addition, Turkey also has large iron and steel factories and a growing automotive industry. The service sector and public administration are relatively large. Turkey receives a lot of income from tourism and from guest workers who transfer money from abroad. In the 21st century, Turkey is experiencing a period of strong economic growth. Although growth will slow down slightly in 2012 and 2013, it will be 7% in 2017. The GDP per capita was $27,000 in 2017.

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Sources

Brosnahan, T. / Turkey
Lonely Planet

Graven, R. van den / Reishandboek Turkije
Elmar

Te gast in Turkije
Informatie Verre Reizen

Turkije
Het Spectrum

CIA - World Factbook
BBC - Country Profiles

Last updated March 2024
Copyright: Team The World of Info