Economy

Many have hailed Turkey’s notable development performance over the past decade, and for good reason. The country averaged 5.4% growth between 2003 and 2013, one of the highest rates in the world. This was accompanied by drops in joblessness and poverty, as well as gains in school enrolment, home-ownership and life expectancy.

The country is now in the midst of a lengthy political cycle, with the local elections in March 2014 being followed in August by the country’s first-ever, direct presidential elections. 2015 will also see the country’s 18th general election, currently scheduled for June 7. Thus, these are very much political and busy times for Turkey, a characteristic given some edge by...

The founding father of the Turkish Republic, Mustafa Kemal Atatürk, said, “Economic development forms the backbone of the ideal of Turkey, which is free, independent, ever stronger and more prosperous”. Turkey has made great strides in the realisation of this ideal, thanks to a solid track record of macroeconomic management and structural reforms. It is thus fitting that the...

Turkey’s trade record over the last few years has been relatively impressive. Exports have risen substantially, if erratically. In 2006, exports stood at $85.5bn. By 2014, the figure reached a record high of $157.6bn. However, imports have also grown rapidly, reaching $242.2bn in 2014. This trade deficit, which reached 10% of GDP in 2014, has been a perennial problem for the...

Since the establishment of the republic in 1923, Turkey has been in a state of constant flux. Due to domestic and global developments, the country was marred by political and economic instability for decades. The economy was hindered by political setbacks, growth was underperforming and the country struggled with skyrocketing, chronic inflation.