Economy of turkey

As of 2010 16. 9% people in turkey were below poverty line. The number of labour force in 2012 in turkey was 27. 34 million. Also about 1. 2 million Turkish people work overseas. As of 2013 unemployment rate were 8. 8 %. Main industries in turkey are textiles, food processing, autos, electronics, tourism, mining, steel, petroleum, construction, lumber and paper. Turkey’s economy – turkey has the world’s 17th largest nominal GDP and the 15th largest GDP by PPP. While many countries have been unable to recover from the recent financial recession, the Turkish economy expanded by 9.

2% in 2010 and 8. 5% in 2011, this figures show turkey as the fastest growing economy in the Europe and one of the fastest growing economies in the world. Economists and political scientists often cite Turkey as the newly industrialised country. Turkey has achieved strong growth in terms of GDP and employment and its public finances are in comparatively good shape. Turkey’s bounce-back from the global slowdown has indeed been impressive, with a growth rate comparable to China’s in 20I0-II, at close to 9% per annum.

The recovery was facilitated by macroeconomic policy stimulus but its pace largely reflects private sector dynamism, both in the Istanbul area and in Anatolia. The government as a priority has described reducing the current account deficit. The external gap approached 10% of GDP last year, an uncomfortably high level. A number of measures have been taken since around mid-2011 to restrain domestic demand and reduce the current account deficit, including on the prudential side. Main economy sectors of turkey – Industrial sector – industrial sector plays an important factor in turkey’s economy.

Vestal company in turkey is the largest producer of television in Europe. Vestal and its rival Turkish brand beko accounted for more than half of the TV sets manufactured in Europe. Turkey is also a leading exporter of cloths. Member. In automotive sector, turkey has a large and fastest growing automotive industry and Temsa, otokar and bmc are among the world’s largest produce of bus, vans and trucks. Turkey is also one of world’s leading shipbuilding nations in the world. Agriculture sector- turkey also plays an important part in agriculture side. Country’s agriculture sector accounts for 29.

5% employment in 2009. Turkey is the world’s largest produce of hazelnuts, cherries, figs, apricots, and pomegranates. Service sector also plays an important part in turkey’s economy. As of 2009 there were 102 airports in turkey. Turkey has also got good rail network. Other important economy sectors are financial and tourism sector. Tourism sector is one of the fastest growing sectors. Over the years turkey has emerged as a popular tourist destination for many Europeans. External trade and investment – the main trading partners of turkey are Russia, Germany and Iran.

Turkey has increased its industrial production for exports while benefiting from EU origin foreign investment into the company. Turkey is also investing in other countries like in Russia in natural resources and construction sector. The exports reached to $115. 3 billion in 2007 but imports rose to $162. 1 billion, mainly due to the rising demand for energy resources like natural gas and crude oil. Challenges being faced by the Turkish economy Living standards in Turkey are improving fast but remain far below those enjoyed in the leading OECD economies.

Labour market reform is key, especially to encourage the shifting of resources from the informal to the formal sector: a more flexible labour contract is needed and minimum wage setting should be decentralised. At the same time, women’s labour force participation needs to be encouraged, not least by making affordable child and elderly care a priority. Education of the youth and up skilling of the older working age cohorts is equally crucial, training efforts for the existing labour force need to be stepped up.

Political environment – Turkey is strategically positioned at the crossroads of Europe, Asia and the Middle East. The Republic is a democratic, secular and social state governed by the rule of law. It has been a multi-party parliamentary democracy since 1947. The country occupies a strategic position of the utmost importance. As bridge between Europe and Asia, and the protector of the straits between the Black Sea and the Mediterranean, Turkey is often referred as “the most important country in the region”. Turkey’s foreign policy revolves around its commitment to Western values and institutions.

It is a founding member of the Council of Europe. Full accession talks with EU are well underway since 2005. Turkey is also a staunch member of the North Atlantic Treaty Organization. Legislative power is vested in the 550-member Turkish Grand National Assembly (TBMM), whose members are elected for four-year terms by the votes of Turkish citizens over the age of 18. Turkish women gained the right to vote in 1934, well ahead of women in many other European countries. It has free and privately owned media, with no less than 16 national private TV networks.

Turkish Culture – Key Concepts and Values Family – The most essential social unit in Turkish culture is the family. Family loyalty is a vital aspect of Turkish society and one that has a major impact on Turkish business practices. Many businesses in Turkey are still family- owned and run and the concept of family connections and influence is apparent during business exchanges in Turkey. Polychronic time – Turks tend to juggle several activities and issues at the same time and continue multiple conversations simultaneously.

Thus, in a Turkish business environment, it is not uncommon for phone calls to be taken during scheduled meeting and for people to enter the meeting room without invitation. As a result, you should be prepared to exercise patience when conducting business in Turkey. Islam – Modern day Turkey is a secular state; however the philosophy and ideology of Islam still remains a prevalent feature of Turkish culture. Although not so prominent in the more Western- influenced areas of the country, the Islamic culture of Turkey continues to influence cultural life, beliefs, language, teaching, social relationships and democracy.

It infiltrates all levels of society, providing guidance, values, and rules for personal life, public behaviour and business etiquette. References: Health in turkey (2013), retrieved from www. healthinturkey. org/en-EN/political-enviroment/32. aspx? World Economic Outlook Database, October 2012, International Monetary Fund. Accessed on October 10, 2012. Developed Countries, World Factbook, CIA, retrieved from https://www. cia. gov/library/publications/the-world-factbook/appendix/appendix-b. html OECD Data GDP, US $, current prices, current PPPs, millions, OECD.

Accessed on 3 May 2013. retrieved from http://stats. oecd. org/index. aspx? queryid=557 The World Bank: World Development Indicators Database. Turkey Last revised on 7 July 2013. retrieved from http://databank. worldbank. org/data/views/reports/tableview. aspx? isshared=true Turkiye, 6 urunde dunya birincisi”. Anadolu Agency (in Turkish) (NTV-MSNBC). 2007-03-31. Retrieved 2008-08-29. retrieved from http://arsiv. ntvmsnbc. com/news/403824. asp Businessweek: “The Unknown TV Giant” retrieved from http://www. businessweek. com/stories/2006-06-08/the-unknown-tv-giant “CIA.