In the past few years, Turkey has achieved many successes and taken enormous steps in the field of economy, which have shown that the Turkish economy is a strong competitor to European economies as one of the strongest economies in the world.
Today, Turkey is among the 20 most powerful economies in the world in terms of gross domestic product.
And it is a founding member of the Organization for Economic Cooperation and Development (1961) and the Group of 20 major economies (1999). Since December 31, 1995, Turkey has also been part of the European Union Customs Union.
Thanks to the new economic plans that were followed by the Turkish government in the recent period, as the government developed new regulations for the banking system, with the aim of financial discipline and the privatization of state-owned enterprises. The government has also taken measures to boost public finances, increase the effectiveness of public institutions, and avoid the debt trap. It has undertaken a comprehensive reform of the Turkish economy, which currently outperforms many countries that suffer from crises in the euro area in terms of various macroeconomic indicators.
The Turkish economy has also witnessed a noticeable movement in the past few years between ups and downs, and regional conditions, along with the internal conditions of the country, from elections and others contributed to this matter.
However, in the recent period, the country's economy has returned to improve significantly, as confirmed by the international credit rating agency "Fitch", as it indicated the continuation of the recovery of the Turkish economy. It also came in the same report that the year 2020 will be a good opportunity for the Turkish economy to recover significantly.
It is the agency's evaluation report on the expectations of developing European countries on a regular basis
This has been evident in several areas, including trade, business and investment, in addition to purchasing properties in Turkey, where, according to statistics, it has increased significantly recent, which contributed in one way or another to support the Turkish economy as well.
And during the third quarter of 2019, the Turkish economy grew by 0.9 percent, compared to the same period last year. This came in a statement issued by the Turkish Statistics Authority
According to the authority’s statement, the added value of the agricultural sector increased by 3.8 percent, and the industrial sector increased by 1.6 percent,
The authority also clarified that the added value of the services sector increased by 0.6 percent during the third quarter of the same year.
This development and the economic growth achieved is due to several factors, namely:
Trying to maintain political stability in the country:
As the Turkish government carried out many huge and important development projects, in addition to general improvements in the field of human rights, personal freedom and freedom of expression, it also sought to enhance stability in the country from improving the situation of citizens to foreigners and avoiding potential conflicts as possible.
A package of economic developments
The Turkish government worked to pay public debts, and it follows a successful economic plan to develop the economic system of the country where the economy has been restructured, by developing banking systems and following a pattern of development in export issues that helped reduce market inflation, and government hospitals and mixed provinces were also built, in addition to privatizing state facilities responsible for distributing electricity and energy. All these wise steps shrunk the public sector and put more than $ 70 billion into the state treasury.
Foreign economic policy change:
The Turkish government focused on pursuing an active foreign policy in the field of the economy as Turkey transferred its economic interests to the Middle East, Central Asia, South Caucasus and other countries.
It also rebuilt regional ties and helped Turkish businessmen increase their economic cooperation with other countries by establishing more partnerships, deals and advertisements in order to bring more investments and funds to Turkey.
Where foreign investment has contributed to increasing rates of Turkish economic development, as the Turkish government has worked to make investment in real estate in Turkey more active by enacting better property laws and providing all necessary facilities for foreign investors.
As a result, the Turkish real estate market witnessed a large turnout from foreign investors who want to buy apartments in Istanbul, as this city is considered the first and preferred destination for real estate investment in Turkey.
On the other hand, Turkish economic analysts affirm that attracting investments is one of the most important goals of Turkey to achieve its development dream and reach the tenth rank globally in 2023.
Foreign capital also contributes greatly to the growth of the Turkish economy, so we see interest and offer exemptions and benefits, whether by naturalizing investors or treating them as the Turkish investor, and even opening the way for investment in partnership with the government sector, in the areas of medicine, agriculture and energy.
This is in addition to offering tax exemptions, exemption from customs duties and production tax prepared for export, and provides indirect support of $ 1.3 million to each medium company, through advertising, exhibitions, shipping, and setting up branches outside Turkey.
As a result of the economic policies of the Turkish government, Turkey rose from 43 to 33 among 190 countries in the ease of doing business index issued by the World Bank