A Guidline For Turkey
Turkey is located at a close proximity to Europe, the Middle East and the Caucasus, and benefits from its location, acting as a bridge between Europe and Asia, and also as an energy corridor connecting these two continents.
Major Exports Markets Major Imports Sources
1. SUCCESSFUL ECONOMY
• Booming economy; more than tripling its GDP, reaching USD 820 billion in 2013, up from USD 231 billion in 2002 (TurkStat). Turkey is knocking on the door of the BRICs club of emerging giants and today it is perceived as 'Europe's BRIC' or 'the China of Europe'. Some economists suggest that over the next decade, Turkey's growth will match or exceed that of any country except China and India. Others predict it could become the world's 10th biggest economy by 2050.
• Stable economic growth with an average annual real GDP growth rate of 5.1 percent over the past decade (TurkStat)
• Foreign Direct Investment (FDI) inflows to Turkey declined in 2009 from a high of US$22 bn in 2007. FDI remained low in 2010 at US$8.9 bn, and increased to US$12.9 bn in 2013.
• Promising economy with a bright future as it is expected to become the fastest growing economy among the OECD members during 2012-2017 with an average annual real GDP growth rate of 5.2 percent (OECD Economic Outlook No. 91)
• 16th largest economy in the world and 6th largest economy compared with the EU in 2013 (GDP at PPP, IMF WEO)
• Restructuring of the banking sector, monetary discipline based on independence of the Central Bank and a floating exchange rate regime, tight fiscal policy, public administration reform, and the EU accession process with reform packages enacted by the Parliament all contributed to the transformation of the country after the 2001 crisis.
• Institutionalized economy fueled by USD 135 billion of FDI in the last decade (CBRT)
• A dynamic and mature private sector with USD 152 billion worth of exports and an increase of 245 percent between 2004 and 2013 (TurkStat)
• A population of 76.7 million (2013, TurkStat)
• Largest youth population compared with the EU (Eurostat)
• Half the population under the age 30.4 (2013, TurkStat)
• Young, dynamic, well-educated and multi-cultural population
3. QUALIFIED AND COMPETITIVE LABOR FORCE
• Over 28.3 million young, well-educated and motivated professionals (2013, TurkStat)
• Increasing labor productivity
• Approximately 610,000 students graduate annually from over 183 universities (2012, Student Selection and Placement Center-OSYM)
• More than 700,000 high school graduates with around half from vocational and technical high schools (2012, TurkStat)
• Turkey offers an accessible, skilled and cost-effective workforce, providing the fourth largest labour force amongst EU members and accession countries. It boasts a large population of over 77 m people, with an average of 30, over a decade lower than the EU figure
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