Turkish economy is distinguished by embracing the general competition rules, as the private sector has taken a leading position, while the role of the public sector was limited to organizational work, and to apply free foreign trade policy, and the freedom of funding and services circulation among individuals and establishments without any obstacles.
What are the economic reforms made in Turkey?
1- Making important reforms in many important sectors like: financial markets sector, agricultural sector, social security sector, and the energy and transportation sector.
2- Taking steps to strengthen the Turkish economy, and make it able to withstand the economic waves witnessed by the global markets and that’s through establishing semi-independent establishments in the sector.
3- Lifting many bureaucratic obstacles and decreasing some of them to the minimum.
4- Organizing the financial markets in a way that suits the new era concept.
5- Accelerating privatization and organizing public finances.
The ranking and strength of the Turkish economy:
1. The Turkish economy occupies the eighteenth place among the largest economies in the world.
2. The Turkish economy occupies the seventh place among the largest European economies.
3. Turkey is an effective member in the G20 which includes the strongest economies in the world.
The Elements of The Turkish Economy:
1. Foreign trade in Turkey:
تتبع تركيا سياسة اقتصادية مركزة على تنمية التجارة الخارجية، وذلك منذ بداية ثمانينات القرن الماضي ومن خلال الإصلاحات الاقتصادية التي أجريت تم:
1. Lifting import restriction.
2. Decreasing protection policy.
3. Giving some freedom to free transactions in hard currencies.
4. The foreign trade volume has reached 350 billion dollars while the export volume has reached almost 150 billion dollars, and the import volume has reached almost 210 billion dollars.
Turkey aims to reach an export volume in 2023 to 500 billion dollars which marks the 100th anniversary of the founding of the Turkish Republic.
2. Foreign investments in Turkey:
Turkey with its successful economy, young population, work force, a free economic environment, sophisticated infrastructure, special geographic location, low tax rates, motivating policy, wide internal markets, and the customs union with the EU, offers investors with great investment opportunities.
How did the Turkish government contribute to investment opportunities in Turkey:
1. Take the necessary measures to improve the tax system.
2. Modifying the laws which grants foreign investors the same rights and duties granted to Turkish investors.
3. Lifting restrictions and bureaucratic obstacles that slows the investment process in Turkey.
4. Establishing a strong legal infrastructure that suits foreign investment in the country.
3. Privatization in Turkey:
Turkey is considered among the countries that occupies the first places among the countries of the European Economic Cooperation Organization in the field of completing the privatization policy and obtaining high revenues through it, as the total obtained from the privatization return is 66 billion dollars in the current time, where the main purpose behind the privatization process is to limit the government within the health sector, social security, national defense, and large infrastructure investments, these goals aligns with Turkey’s goal in establishing an economy of a free market which depends essentially on the private sector.
4. Tourism sector in Turkey:
Turkey, with its historical and geographical richness, not only a center of the coastal tourism, but its also an important center of the medical and health tourism, religion and cultural tourism, and sport tourism, where it has a strong infrastructure for these types of tourism, as it is among the first ten touristic countries in the world, while the foreign tourists visited Turkey in 2022 reached more than 36 million tourists, and the tourism income has reached almost 35 billion dollars in the same year.
Turkey's economy ranks first in 2030:
Turkey will make a progress with its economy to occupy the 12th rank leaving behind many European countries, that’s according to an announcement made by a research company which includes the global economies rankings in 2030.
According to (Haber Turk) newspaper which spoken according to the report made by the research company, the economies of developing countries such as India and Brazil will compete with the economies of major countries such as China and the United States, and the purchasing power and GDP of countries were a criterion for measuring the growth rate of global economies according to the report, the Turkish newspaper summarized that the last noticeable change in global economic budgets was achieved in the 80s of the last century, when the weight of production and consumption after World War II shifted to Western countries.
