Turkey

Buyukbalkan Group, Turkey – Global Accounting Alliance Member

Economic Overview & Business Opportunities

Located at the crossroads of the Balkans, Caucasus, Middle East, and eastern Mediterranean, Turkey is among the larger countries of the region in terms of territory and population. As of now, Turkey population is equivalent to around 1% of the total world population.

After the global economic crisis of 2007, Turkey managed to attract substantial investment with a promising trajectory of reforms and a strong banking system. The International Monetary Fund defines Turkey’s economy as an emerging market economy. Turkey has the 18^th-largest nominal GDP and 17^th-largest GDP by PPP in the world. Turkey is the leading producers of agricultural products; textiles; motor vehicles, ships, and other transportation equipment; construction materials; consumer electronics and home appliances in the world. According to the “The World in 2050” report by HSBC, Turkey will be the world’s 12^th and Europe’s 4^th biggest Economy by 2050. In fact, Turkey aims to be among the world’s 10 largest economies by 2023, on the 100^th anniversary of the foundation of the Republic.

With 64% of Turkey’s population aged between 14 and 60 years, Turkey’s population is young and highly skilled. As such, we can see that the labour force is productive and cost-effective. Other than its human capital, Turkey’s strategic geographical location has offered opportunities in energy sector such as hydrocarbon. Turkey situates at a close proximity of more than 70% of the world’s proven primary energy reserves, while Europe (which is the largest energy consumer) is located right to the west of Turkey, making the country a hotspot in energy transit and an energy terminal in the region. Turkey has been a dynamic market for investors over the last decade with strong economic growth. It is also the international hub with access to multiple markets like central Asia and the Middle East.

On the final note, Turkey’s steady economy, strategic geographical position, youthful population, and dynamic business environment have made this country a growing market for foreign investors. For those who wish to traipse the central Asia and Middle East markets, Turkey is definitely the ideal springboard for a business to gain its footing and expand.

Ozgur Buyukbalkan
Partner