Economy of Turkey

Turkey is a founding member of the OECD and G20, and is classified among the E7 countries, EAGLEs and NICs. As of 2023, Turkey's economy is the 19th-largest in the world by nominal GDP, and the 11th-largest by PPP. According to the IMF, Turkey has an upper-middle income mixed-market emerging economy. The country is among the world's leading producers of agricultural products, textiles, motor vehicles, transportation equipment, construction materials, consumer electronics and home appliances. Turkey's nominal GDP peaked at $1.029 trillion in 2023, while its nominal GDP per capita peaked at$12,489 in 2013. Turkey's GDP (PPP) resulted to $3.573 trillion in 2023, while its GDP (PPP) per capita increased to$41,412 in 2023. The declining value of the Turkish lira, especially during the 2018–2022 Turkish currency and debt crisis, had a significant impact on the recent decrease in the country's USD-based nominal GDP figures. High inflation continues to be a problem in the early 2020s. Over the past 20 years, there have been major developments in the financial and social aspects of Turkey's economy, such as increases in employment and average income since 2000. Turkey has recently slowed down in its economic progress, due to considerable changes in external and internal factors, as well as a reduction in the government's economic reforms. Environmentalists have argued that the economy is excessively dependent on the construction and contracting sector. President Recep Tayyip Erdoğan's unorthodox monetary policy increased inflation and devalued the currency in recent years. 2001 Turkish economic crisis and 2018–2023 Turkish currency and debt crisis According to Eurostat data, Turkish GDP per capita adjusted by purchasing power standards stood at 64% of the EU average in 2018. Turkey's labour force participation rate of 61.5% is by far the lowest of the OECD states which have a median rate of 78%. 2017 was the second consecutive year that saw more than 5.