According to the data of Central Bank of the Republic of Turkey, Turkey tripled its Gross National Product (GNP) to 857 billion dollars in 2016 compared to 2002; and showed a stable growth with its expanding rate of 5,6 percent annually. With its growth rate of 5,4 percent, Turkey is expected to be the most rapidly growing economy among the members of the Organization for Economic Co-operation and Development (OECD). According to the data of International Money Fund (IMF), Turkey which is the 17th largest economy in the world also stands out as the 6th largest economy compared to European Union countries. The certain industries such as agriculture, automotive, mining, information and communication technologies, real estate, electronics, tourism, textile and, logistics seem to be the foremost sectors in the country.
One of the reasons why the Turkish economy showed a steady record is the full membership negotiations between Turkey and European Union (EU). Thanks to the relationship with the EU that Turkey has developed through the years, Turkey implemented many policies both structural and financial. In this process, it has become a self-sufficient, transparent and steadily growing country, which helped the reliability of Turkey increase in the eyes of investors.
Foreign investments and tourism industry have also influence on the stability of the country’s economy. The positive aspects of Turkey such as its younger generation, educated labour force, and tax incentives also attracted foreign investors and led them invested 12,3 billion dollars in Turkey in 2016 (Source: Central Bank of the Republic of Turkey). Besides, natural beauties, history, and hospitality of local people made the country one of the top tourist destinations, and Turkey received 38 million of tourists in 2017 (TURSAB).