As the world adjusts to a shifting economic landscape, Turkey has emerged as one of the key protagonists on the global stage. Being an upper-middle-income country, Turkey is an emerging market that holds a considerable share of global economic influence. According to the IMF, it is the 17th largest economy in terms of nominal GDP and 11th in GDP adjusted by purchasing power parity (PPP). GDP per capita by PPP is $42,064 while the nominal GDP per capita stands at $12,849.
Industrial and Service Sector
The Turkish economy is driven primarily by the service sector, which accounts for the majority of the country’s GDP. However, industry plays a crucial role, contributing more than 30%. The major industries in Turkey include the automotive, electronics, construction, textile, and steel industries. Turkey is in 8th position in the world crude steel production list and is a top player in many industries such as motor vehicle manufacturing, shipbuilding, and even robotics.
But what characterises Turkish Industrial strength is its automotive sector. TEMSA, Otokar, BMC, and electric vehicle pioneer TOGG all represent the drive in Turkey for innovation. In consumer electronics, Arçelik, Vestel, and Beko have made Turkey one of the leading producers of household goods, with Arçelik being one of the largest in the world.
Turkey's Influence in Global Markets
In 2022, Turkey was represented as the second ranked country in the world with regard to international contractors. The strategic importance of Turkey is emphasised by the national air carrier, Turkish Airlines, which ranks among the largest airlines in the world, while the country itself is a very important hub for international trade, investment, and tourism.
This is further displayed in the fact that Turkey occupies fifth position globally in textile exports and, therefore, occupies an important position in the global supply chain, from garments to technical textiles. This industrial diversification strengthens Turkey's resilience against global economic uncertainties.
A Magnet for Foreign Investment
Between 2024 and 2028, $150 billion in direct foreign investment will flow into Turkey, adding to the stock held by foreign investors valued at $266 billion. Turkey has set itself up as a prime destination with over 80,000 foreign companies operating inside it for those seeking to tap into its local market and proximity to Europe, the Middle East, and Africa.
Turkey stands out with its young and highly qualified workforce. In addition, nearly 1.5 million university graduates join the labour market yearly and are continuously feeding talent into various industries within the country. With a population of 90 million, Turkey offers a huge market for goods and services.
Economic Challenges and the Way Forward
Though Turkey has challenges regarding inflation, the government is putting in efforts to stabilise the economy and attract more investment. The combination of industrial strength, a blossoming service sector, and strategic geographic location between Europe and Asia have turned it into an exciting prospect for businesses and investors.
In the next few years, Turkey will again assume its proper position among the shining stars on the global stage. For investors who are searching for a dynamic environment with huge potential, the question will be "Why Turkey?" but rather, "Why not Turkey, and why not now?"
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