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Learning Unit Summary
Fiscal discipline and a tight fiscal policy continue to be
the main pillars of Turkey’s economic program and have contributed a great deal
to disinflation as well as to a strong growth performance. Turkey has a total
population of 70 million, of which 24.6 million people are active in the
labor force.
In addition to the sound macroeconomic policies, Turkey has
implemented a comprehensive and far-reaching structural reform agenda.
Compared with the experiences of other countries, Turkey’s success has been
remarkable primarily because of the speed with which it has conducted structural
and institutional changes. Indeed, Turkey has made large strides in
restructuring its financial sector as well as improving public sector governance
and its business environment.
Turkey has been a member of World Trade Organization, since 1995. Its
commitment to integrating with regional and international trade norms is seen
in its participation in and membership of various organizations such as:
Economic Cooperation Organization (ECO), UNCTAD, Black Sea Economic Cooperation
Organization, World Customs Organization, International Chamber of Commerce,
Islamic Cooperation Organization, D-8 , Stability Pact, and various other
organization.
The Turkish economy has had a steady growth rate for the last 20
quarters. GNP and GNP per capita figures highlight the strength and the
stability of the national economy as well as its integration to macroeconomic
global trends.
In recent years, the Turkish economy has displayed a high growth
performance due to decisively implemented structural reforms as well as
successful macroeconomic policies; it has become one of the fastest growing
economies in the world. The average real GDP growth rate, which was 2.4% during
the 1992-2001 period, reached 7.45% in the 2002-2006 period.
Economic growth for 2007, is presently estimated at 5% and early
indicators point out that the official estimate of 5% growth for the entire year
seems well within reach. It is anticipated that economic growth will be driven
mainly by private sector investments supported by high export performances.
Turkey
is the 13th most attractive country in the world for FDI...
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Doing Business in Turkey | 
