PANORAMA TURKEY: WHAT TO EXPECT
The Turkish economy experienced remarkable growth within the last decade. The country’s gross domestic product nearly tripled during this period and reached 820 billion USD at the end of 2013. The country has a population of 76.7 million people and a per capita income of around 10,700 USD. According to the IMF, on a purchasing power parity basis Turkey is now the 16th largest economy in the world and the 6th largest in Europe. The government’s GDP per capita target for 2023 is 25,000 USD.
After recording high growth rates in the post-crisis period, Turkish economy managed to negotiate a soft landing in 2012 which helped reduce the imbalances in the economy. The authorities were able to reduce the current account deficit from alarming levels, soften inflationary pressures while total employment continued to increase.
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