Here is 10 facts about Turkish economy, that will make you believe in Turkish economy.
1. SUCCESFUL ECONOMY
A fast developing economy, with a GDP growth of 231 Billion USD in 2002, To a GDP of 851 Billion USD in 2017 which is more than triple the amount within 15 years. (TÜİK)
Stable economic growth; A yearly GDP growth between 2002 and 2007 of 5,8% (TÜİK)
With a yearly average economic growth pace of 5% in real GDP and with the fastest growth rate among OECD countries between 2018-2019, Turkey is the strongest growing and most promising economy within the OECD. (OECD)
In 2017 Turkey was worlds 13th biggest economy and when only compared to the European Union Turkey is the 5th biggest economy according to the Turkish GDP statistics. (GDP, IMF and WEO)
A formalized economy that drew 193 Billion USD Direct Foreign Investment over the past 15 years (TCMB)
A Mature and dynamic private sector due to raise in export volume with 335% between 2002 and 2007 to 157 Billion USD. (TÜİK)
A population of 81 Million (2017, TÜİK)
When compared to the EU the most crowded young population. (Euro Stat)
Half of the population is under the age 31,7 (2017, TÜİK)
Young, Dynamic, educated and a very cultured population
3. QUALIFIED AND COMPETITIVE WORK FORCE
More then 31,6 Million of young, educated and motivated work force. (2017,TÜİK)
More then 800.000 university graduates from 183 different universities (2017,TÜİK)
More then 985.000 college graduates with more then half of the students from technical and vocational colleges (2017,MEB)
4. LIBERAL INVESTMENT ENVIRONMENT OPEN FOR INNOVATION
Turkey is the second biggest reformer between OECD countries since 1997 after restrictions set on foreign investment (1997-2017, OECD, DYY )
Business friendly environment where you set a business up in 6.5 days (World Bank Report 2018)
Very competitive investment conditions
A Strong Industrial and service orientated culture
Equal treatment to all investors from all over the world
With more then 58.400 companies with foreign capital in 2017 (Ministry of Trade)
A new and developed foundation in the Transport, Telecommunication and energy sector.
A well developed and affordable Sea Transportation
The advantage of reaching East and Middle Europe by railway.
Well configured transportation facilities, with a direct shipping system to most of the European countries.
6. CENTRAL LOCATION
A natural bridge between North and South and West and East and therefore a affective and low cost alternative to important business markets.
A easy access to 1.7 Billion people in Europe, Euroasia, The Middle East and North Africa.
Access to many markets with a total GDP of 25 Trillion USD
7. THE ENERGIE TERMINAL AND PASSWAY OF EUROPE
A very important energy portal and gateway that connects East to West.
70 % of the natural energy resources of the world are located close to Turkey and mainly on the East side. With that in mind and Europe being the biggest energy consumer and being located on the west of Turkey makes the country a key point in energy transport. A new Energy Terminal is being constructed in the area.
8. LOW INTEREST RATES AND MANY INCENTIVE FACILITIES
A decreased cooperate Tax from 33% to 20% ( 22% in 2018,2019 and 2020)
A total or partial exempt from cooperate tax and support to the social security share of employers for TAX advantages of technology development zones, industrial zones and free zones in addition to the tax advantage applied for land allocation
Research and Development Laws
Incentives for strategic investments, big size investments and regional investments.
9. CUSTOMS AGREEMENT WITH THE EU SINCE 1996
A continuing customs agreement with the EU and Free-trade agreements with 21 countries ( Ministry of Trade)
New Free-Trade agreements are being worked on.
Ongoing negotiations regarding the EU participation
10. LARGE NATIONAL MARKET
A raise in broadband internet subscriptions from 0,1 million to 69 Million between 2002 and 2017 (BTK, TÜIK)
A raising mobile phone subscription amount from 23 Million to 78 Million between 2002 and 2017 (TÜIK)
A Raise in credit card users from 16 Million to 62,5 Million cardholders between 2002 and 2017 (Card Center)
A Raise in Air Transportation users from 33 Million to 193 Million between 2002 and 2017 (TÜIK)
A raise in foreign Tourism from 13 Million to 38 Million between 2001 and 2017 (TÜIK)
Source : www.invest.gov.tr