Turkey has emerged as a strong regional player with global ambitions to become one of the top 10 economies of the world. Today, it is ranked the 13th largest economy in the world, up from 18th in 2003, having grown robustly thanks to an impressive annual growth rate of nearly 6 percent over the past 14 years.
The remarkable growth has continued into 2017, with 5.1 percent in the first half of the year, and Turkey is expected to maintain this growth momentum into the future. Turkey’s new medium-term program for 2018-2020 envisages growth rates of 5.5 percent through 2020.
This economic activity has been driven mainly by a vibrant domestic market, lucrative export opportunities, diversified sectors with a promising growth and the entrepreneurial spirit of a private sector that has substantially invested in the Turkish economy. Turkey’s economic growth in the last decade has paved the way for the emergence of a sizeable middle class with increasing purchasing power.