Turkey is turning into a trillion-dollar economy! According to official calculations, the country’s economic size is 850 billion dollars.
Turkey has a 1.7% share in the world economy. The share of its 80 million population in the world population is 1.1%. When we look at the figures, Turkey is a country which managed to achieve the average in the world. But the society dreams far beyond.
Turkey’s economy grew 7.4% in 2017. It has the potential to achieve a similar performance in the coming period. From deep-rooted values of the past to rich human resources, there are many factors to ensure sustainable growth for Turkey.
Mustafa Kemal Ataturk, the founder of Republic of Turkey, had set the target for the development of the country as “reaching the contemporary civilization level” nearly 100 years ago. The society, which never stopped dreaming of success, now sincerely believes that the history will be reshaped, that it is their turn to make a breakthrough now, and that Turkey will be “star country.”
According to the purchasing power parity, Turkey is the largest 13th economy in world, and 5th in Europe.
Turkey, with its population and income per capita continuing to increase, will push its way into the top 10 in the world in terms of domestic market size over the next 30 years. In contrast to many developed countries where the economy hit the plateau because of the increase in the population who are no longer included in the labor force due to ageing, and because of the decrease in consumption trends, the demographic trends in Turkey will support the economic growth.
Turkey is one of the 8 countries where the population is above 50 million and the income per capita is above 10 thousand dollars over the world. Moreover, the number of people in the middle and upper-mid income group in the country is on the increase. In early 2000’s, 45 million of the 65-million population was in the lower income group. Only 20 million of the population was in the mid and upper-mid income group. By the end of 2017, 61 million of the 81 million population is in the mid and upper-mid income group. There is a significant increase in the purchasing power of the household. The domestic market in Turkey will continue to maintain its liveliness and will keep growing.
Turkey, included in G-20, has a larger economy than all of its neighbors. It is the largest economy in the Middle East and Eastern Europe. According to the purchasing power, Turkey’s economy has surpassed countries such as Spain, Canada and Australia in terms of economic size. This position constitutes a solid ground for the future of Turkey.