10 Mart 2015 Salı

Six Markets to Watch: Turkey How Erdogan Did It -- and Could Blow It

For much of last year, Turkey’s economy seemed almost on top of the world. In May, as huge construction projects moved ahead, Ankara paid off its remaining debt to the International Monetary Fund, ending what seemed to many Turks a long history of humiliation. The country received an encouraging investment-grade rating, and foreign funds poured in like never before.
In a flurry of appearances that month, Prime Minister Recep Tayyip Erdogan feted record-low interest rates, a slide in the unemployment rate from 15 percent to nine percent since 2009, and, above all, the growth that Turkey has enjoyed “due to reforms carried out over the past ten years.” He underlined his point -- and his driving ambition -- on an exuberant visit to Washington. Addressing the U.S. Chamber of Commerce, he noted that when his Islamist-rooted Justice and Development Party (AKP) came to power in 2002, at least 20 other economies were bigger than Turkey’s in terms of dollar output. “Now, we are 17th,” he exulted, “and in due course, we are going to be among the ten largest economies.”
The Turkish economy has indeed come a long way during Erdogan’s decade in office, propelling Ankara’s ascent to greater global prominence. In the late 1990s, Turkey was running 90 percent inflation and attracting almost no foreign investment. As recently as 2002, Turkey was using up almost 90 percent of its tax revenues to pay the interest on its debt. Today, these problems have all but disappeared.
But the optimism of May has since faded. Turkey, like many other developing countries, has found itself facing skittish markets, volatile exchange rates, political unrest, and an uncertain outlook. The picture of Turkey today is less flattering but more revealing than before, displaying both the promise and the perils of being an $800 billion emerging economy.
Turkey is still on track to grow faster than much of the industrialized world in the coming years. In October, Jim Yong Kim, the president of the World Bank, hailed the country as “an inspiration to many developing countries.” But the fact remains that Turkey’s success could yet unravel. To live up to its economic potential, Turkey will have to overcome two main challenges: its reliance on fickle foreign funds and the intrusion of heavy-handed politics into its economic life.
WHERE ELSE TO BET NOW
SEEDS OF SUCCESS
The seeds of Turkey’s success this century lie in the failure of the period that immediately preceded it. After the liberalizing reforms of Turgut Ozal, the visionary prime minister of the 1980s, who opened up what had been a perennially closed economy, the 1990s were a wretched decade, punctuated by economic crisis, brutal episodes in the country’s Kurdish conflict, a de facto coup, and a devastating earthquake. This was a time when the lack of foreign funds, often the result of spikes in U.S. Treasury yields, could cause economies to seize up, and Turkey was hardly alone in its misery. During these years, macroeconomic shocks also hit Mexico, Russia, and Southeast Asia.
For Turkey, this sorry period came to an end just after a 2001 banking crisis, when Finance Minister Kemal Dervis, with the cooperation of the International Monetary Fund, laid the groundwork for success. Ankara pruned back its spending, brought inflation under control, introduced a floating exchange rate, restructured the country’s banks, and granted more independence to the central bank and regulators. When the AKP took over in 2002, it stuck to this template, which paid off as Turkey’s discussions with the European Union progressed. The prospect of EU membership -- negotiations started in 2005 -- opened the floodgates for foreign direct investment.
A boom in infrastructure development and construction added to the good times. Since the outset of Erdogan’s tenure, the country’s highway network has been expanded by more than 10,000 miles. The number of airports has doubled, to 50, and Turkish Airlines now flies to more than 100 countries, more than any other carrier in the world. New, upscale housing complexes and shopping malls seem to flank every major city.
Turkey’s once-fragile banking sector was strong enough to get through the 2008 financial crisis with only a brief, albeit deep, recession. Then, as the United States unleashed an unprecedented monetary stimulus, Turkey floated on a sea of money. Growth roared ahead: the economy expanded by 9.2 percent in 2010 and 8.8 percent in 2011, although higher interest rates slowed the overheating economy to 2.2 percent growth in 2012.
HOOKED ON FOREIGN FUNDS
Yet for all its strengths, Turkey remains vulnerable. Its first major problem is its dependence on foreign funds. The country suffers from structural weaknesses that have been obscured by the waves of money that have been crashing in because of loose monetary policies elsewhere. It shares this problem with other developing countries, including Brazil and Indonesia, whose governments have grown lazy about reforms and let the quantitative-easing-induced good times roll. This dependence has become particularly worrying since May, when the U.S. Federal Reserve floated the possibility of reining in its monetary stimulus, a step that would likely reduce the funds that have been pouring into emerging economies. For Turkey, the talk of a tighter U.S. monetary policy left a particular mark: amid other troubles, yields on the country’s benchmark two-year bonds doubled.
Turkish markets were sensitive for one reason above all: a lack of balance in the country’s economy. Even though Turkey was expected to have grown by only 3.5 to 4.0 percent in 2013 -- below the level needed to create enough jobs for new entrants into the work force -- the country’s current account deficit stands at about seven percent of GDP. Despite Turkey’s enormous appeal for tourists (36 million arrived in 2012), a manufacturing base well positioned for exports, a $62 billion agricultural sector, a tradition of trading, and ambitions to become an energy hub, the country still relies on domestic consumption to power its economy, and consumption has risen rapidly as savings have fallen. At present, Turkey sucks in foreign goods and relies on foreign cash to finance even lackluster economic expansion.
Making matters worse, the foreign funds that are financing Turkey’s expansion are overwhelmingly short-term investments and could be swiftly pulled out of the country. Net foreign direct investment underwrote just $7.3 billion of the country’s $56.7 billion current account deficit between August 2012 and August 2013. By contrast, five years ago, such investment -- which is intrinsically more stable than short-term portfolio funds -- financed half the deficit.
Turkish officials argue that concerns about the country’s prospects are exaggerated and emphasize that a return to a more traditional U.S. monetary policy should not be compared with traumas on the scale of the collapse of Lehman Brothers. And in fact, with the U.S. economy still troubled, the Federal Reserve has so far held off tapering back its $85 billion of monthly asset purchases: money has returned to Turkey, and the spike in Turkish bond yields has partially subsided. Most analysts predict that Turkey will continue to grow moderately, as the country’s living standards continue to converge toward those of the developed world, albeit at a slower pace than before.
But Washington’s loose monetary policy can’t last forever, and behind the Turkish economy’s ups and downs, deeper problems lurk. The rebound from the 1990s is over, the low-hanging fruit of the last decade’s reforms has been picked, and the foreign money on which the economy depends will eventually be in shorter supply. If Turkey cannot reduce its dependence on short-term foreign capital, it will not be able to grow enough, or at least not sustainably.
To a certain extent, the Turkish story so far has been less than meets the eye. The government trumpets that during its time in office, income per capita has tripled, partly a result of disparities between inflation and the exchange rate. But that growth happened early on, mostly due to the lira’s strengthening in real terms, and for the past half decade, that figure has largely been stuck around $10,500.
Then there are a whole host of structural issues that Turkey must address. Participation in the labor force remains low: only about 50 percent of working-age adults were employed in 2012, compared with an average of 68 percent across the mostly developed countries of the Organ­ization for Economic Cooperation and Development. Part of the reason for this is the fact that Turkey has overlooked the potential of half its population: according to a recent World Economic Forum report, Turkey ranks 120th out of 136 countries in terms of gender equality, and women constitute only 23 percent of the nonagricultural work force. Moreover, Turkey still lags behind the developed world in terms of educational levels. In 2011, two-thirds of Turkey’s working-age population had received only primary education or less, and according to the EU, fully 30 percent of Turkey’s young people are neither receiving education or training nor securing jobs.
The government acknowledges all these concerns. Ankara is seeking to reduce its dependence on foreign fuel, which accounts for almost all its current account deficit, by encouraging alternative sources of energy and attempting to develop Turkey as an energy hub between its oil- and gas-rich neighbors. The government has recently imposed measures to limit credit card and consumer lending to contain private consumption, and it has offered new incentives for pension schemes to encourage saving. The World Bank recently commended the “remarkable improvement” in Turkey’s education system since 2003. And the government’s finances are in admirable shape.
But the existing problems translate into economic facts of life: much of the increase in employment in recent years has come from agriculture, services, and relatively low-technology manufacturing in Anatolia. Outside the greater Istanbul area and beyond the Aegean coastline, two areas that export products such as refrigerators, washing machines, televisions, and vehicles, much of the country produces low-value-added goods, which generate less income and can be more vulnerable to competition.
THE STRONGMAN
Turkey’s other main challenge is political. The concentration of power under Erdogan was once an essential precondition for economic success. Today, however, it could make things worse, not better.
Erdogan’s chief accomplishment has been to establish the supremacy of Turkey’s elected leaders and hence the stability of government on which economic progress often rests. After 40 years in which the military ousted four governments, Turkish democracy no longer operates at gunpoint. Erdogan has pushed aside a host of opponents, some of them antidemocratic, including the military, big business, the country’s old media barons, and the judges who bent laws in a bid to weaken the AKP government. But the consequence is that the prime minister is now master of almost all he surveys, which, combined with his often erratic behavior of late, has raised important questions about the Turkish government’s transparency, rationality, and stability.
The institutions that played a role in Turkey’s success over the past decade now struggle to appear independent of the prime minister’s will. Despite the prospect of an end to the U.S. stimulus -- and inflation of about eight percent -- the central bank has kept the benchmark interest rate at 4.5 percent. Instead of increasing that rate -- what would seem the appropriate response -- the central bank has tightened the money supply with unorthodox and often confusing measures. Underlining the constraints under which the bank operates, Erdogan has long made clear his aversion to high interest rates, not least because of their role in holding back growth, and blamed an “interest-rate lobby” for stoking the Gezi Park protests last summer.
Other examples of the centralization of economic power abound. The Capital Markets Board of Turkey has named three AKP officials, including two former ministers, as directors of Turkcell, the country’s biggest cell-phone company. Last summer, Turkey’s broadcasting watchdog fined television stations that screened footage of the Gezi protests. Most conspicuous, after Erdogan denounced the Turkish conglomerate Koc Holding for sheltering protesters in one of its hotels, in July, tax inspectors accompanied by police raided the offices of several Koc subsidiaries. The case is ongoing and could fizzle out in the long run, but Turkish executives now privately complain that such an atmosphere could scare away the foreign direct investment that Turkey so desperately needs.
Indeed, the risks that Erdogan’s erratic policymaking could wreak economic damage is especially great in a country with few natural resources and little capital of its own. If the government continues to punish the media for broadcasting bad news, if big decisions come to depend on the mood of one man, and if companies fear predatory fines, Turkish growth seems unlikely to continue at the rates to which the country has become accustomed.
Little of this seems to have dawned on Erdogan himself, however: the prime minister has rarely sounded more optimistic. His government projects that Turkey will reach a per capita income of $25,000 by 2023 -- the centenary of the founding of the republic -- and realize its aim of becoming one of the world’s ten biggest economies. The latter target would require barely credible rates of growth -- 15 percent a year, according to Rahmi Koc, the patriarch of Koc Holding -- but it is in keeping with the prime minister’s monumental approach. Erdogan has also backed and begun such giant projects as a vast new airport for Istanbul, a new bridge across the Bosporus, and a new canal to run parallel to the strait. In Turkey’s current political climate, any suggestion that such projects could face financing difficulties leads to howls of outrage by the pro-government press.
As all of this implies, Turkey’s economic potential is decidedly mixed. The country remains alluring to consumer goods companies that want to sell to the country’s youthful population; it has been tried and tested as a manufacturer, and it retains a strong tradition of exporting apparel. But for other foreign investors, it presents more uncertain prospects; government officials acknowledge that foreign direct investment is considerably below where they would like it to be.
Nevertheless, Turkey still stands out amid the troubled economies of southern Europe, not to mention a Middle East in turmoil. In a November survey, the European Bank for Reconstruction and Development forecast that in 2014, Turkey would grow by 3.6 percent -- less than it had previously expected, but still a higher rate than those projected for many of its neighbors. The country’s enviable geographic location and its customs union with the EU remain important competitive advantages.
ANKARA'S AMBITION
The current state of affairs may not necessarily endure. Optimists argue that the country will return to trend, in politics as well as economics. They note that Turkey is incomparably richer and freer than it was 15 years ago. On the economic front, if education improves and Turks save more, the country can continue to grow at an accelerated pace. And on the political front, Erdogan may change course if the drawbacks of his current approach sink in.
In fact, Erdogan might not even be at the helm of government for much longer. Erdogan has sworn not to serve another term as premier (AKP term limits prohibit it), and he has shown great interest in running for the country’s presidency -- currently a largely symbolic post -- in the first direct elections for the position, which will be held later this year. Should he do so, the current president, Abdullah Gul, may well become prime minister. And a country led by Gul could be an entirely different place. Although Gul and Erdogan are old allies who built the AKP together, in recent years, Gul has taken pains to establish himself as a more moderate alternative to his old comrade. During his address at the opening of parliament in October, Gul called for a “new growth policy” and argued that Turkey should address its low savings rate, its educational failings, and the lack of women’s participation in political and economic life, as well as find ways to make “foreign investors and our own entrepreneurs feel safe and secure.”
Whoever leads Turkey next will face strong headwinds. Few analysts predict that Turkey will face the sort of crashes that have done it so much damage in the past. But in a harsh report in September, the International Monetary Fund warned that it would be difficult for Turkey to grow by four or five percent annually -- let alone by the extraordinary levels of recent memory -- “while continuing to accumulate large external liabilities.” It predicted that without structural reform, higher interest rates, and tighter spending policies, the country would be left with an unenviable choice between sluggish growth and bouts of instability.
This is the dilemma that Erdogan faces as he seeks to continue the political and economic advances his country has made since 2002. He has often proved his critics wrong. But Erdogan can achieve his outsized ambitions only if the country and the government do everything right. And the way things currently look, that might simply be too much to expect.
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Turkey's economy: No more boom time

In the last few years, Turkey has been celebrating its booming economy. But recent numbers paint a more sober picture. Experts say the government has failed to implement reforms. Thomas Seifert reports from Istanbul.
Türkische Flagge
Third-quarter growth of 1.7 percent and a 2.8 percent expansion rate for the first nine months of the year would have many European countries in rapture, but in Turkey, these recent numbers have met with disappointment, as they came in far below market expectations.
The Turkish government had forecast 3.3 percent growth for 2014, down from an initial 4 percent. Both numbers look increasingly unrealistic.
And it is not just growth that's lackluster, unemployment has also risen to a seasonally adjusted 10.7 percent in September - the highest rate in four years. Youth unemployment stands at an even higher rate of 20 percent.
Turkish consumers seem to have less disposable income now - car sales dropped by a hefty 19 percent in the first nine months of the year, compared with the same period the previous year.
Homemade problems
In part, Turkey's problems are caused by international events, such as the US central bank's policy of reducing its bond-buying program, which is having an effect on emerging economies worldwide.

The cracks in Turkey's boom (08.08.2014)

Betting on rising interest rates in the US, investors are taking their money out of Turkey to invest it across the pond.
Turkey's economic boom was in large part driven by foreign investors. If they pull out, it could have dire consequences for the country.
Experts, however, believe that many of Turkey's problems are homemade. Turkish businesses have invested a lot less in machinery and equipment recently, Hanife Cetin from Ankara-based think tank Türksam told DW. It's a problem for Turkey, as it needs a robust manufacturing sector and more investment in research and development, according to Cetin.
Calls for structural reforms
The International Monetary Fund (IMF) has just warned Turkey to implement structural reforms to reduce its dependence on foreign investors.
Turkey failed to kickstart reforms after 2008 when ample funds from abroad boosted the economy and there would have been room for maneuver, according to columnist Ugur Gürses in Turkish online newspaper Radikal.
Gürses also lists political turbulence, allegations of corruption against members of the government and the recent arrests of journalists as negative factors affecting the economy. They have all contributed to the Turkish lira losing ground against major currencies, say analysts.
Cetin believes that investors could remain wary of Turkey in the long run. Lower oil prices and higher state spending ahead of the parliamentary elections next year may boost the economy, but the effect will be short-lived. She predicts Turkey will have to grapple with high inflation, high unemployment and "economic fragility" for some time.
Education is key
Turkey needs a new growth model, says Emre Deliveli, economics columnist for Turkish dailyHürriyet. He told DW that he believes Turkey needs to shift from relying on domestic demand to an export-led economy with a focus on advanced technology.
Deliveli says Turkey has so far not managed to transform manufacturing from making cars, for example, to making more high-tech products. For that to happen, Turkey must reform its education system to boost research and development, the expert stresses.
The government has promised changes, but very little has happened, says Deliveli. And he doesn't expect that to change significantly before the elections in mid-2015.

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economy?

news haber

The economy of Turkey is defined as an emerging market economy by the IMF.[33] Turkey is among the world's developed countries according to the CIA World Factbook.[34] Turkey is also defined by economists and political scientists as one of the world's newly industrialized countries. The country is among the world's leading producers of agricultural products; textiles; motor vehicles, ships and other transportation equipment; construction materials; consumer electronics and home appliances.

Macroeconomic trends[edit]

Turkey has the world's 17th largest nominal GDP,[35] and 15th largest GDP by PPP.[35] The country is a founding member of the OECD (1961) and the G-20 major economies (1999). Since December 31, 1995, Turkey is also a part of the EU Customs Union.
While many economies have been unable to recover from the recent global financial recession, the Turkish economy expanded by 9.2% in 2010, and 8.5 percent in 2011, thus standing out as the fastest growing economy in Europe, and one of the fastest growing economies in the world. Hence, Turkey has been meeting the “60 percent EU Maastricht criteria” for public debt stock since 2004. Similarly, from 2002 to 2011, the budget deficit decreased from more than 10 percent to less than 3 percent, which is one of the EU Maastricht criteria for the budget balance.[6]
The CIA classifies Turkey as a developed country.[36] Turkey is often classified as a newly industrialized country by economists and political scientists;[37][38][39] while Merrill Lynch, the World Bank, and The Economist describe Turkey as an emerging market economy.[40][41][42]
The World Bank classifies Turkey as an upper-middle income country in terms of the country's per capita GDP in 2007.[42] Mean graduate pay was $10.02 per manhour in 2010.
According to a survey by Forbes magazine, Istanbul, Turkey's financial capital, had a total of 37 billionaires in 2013, ranking 5th in the world behind Moscow (84 billionaires), New York City (62 billionaires), Hong Kong (43 billionaires) and London (43 billionaires).[43]
In 2009 the Turkish government introduced various economic stimulus measures to reduce the impact of the 2007–2012 global financial crisissuch as temporary tax cuts on automobiles, home appliances, and housing. As a result, the production of durable consumer goods increased by 7.2%, despite a decrease in automotive production.[44]
The Turkish Stock Market and credit rating agencies have responded positively. According to The Economist, share prices in Turkey nearly doubled over the course of 2009.[45] On 8 January 2010, International credit rating agency Moody's upgraded Turkey's rating one notch.[46][47] In 2012, Fitch upgraded Turkey's credit rating to investment grade (long-term foreign currency Issuer Default Rating (IDR) was upgraded to BBB- (from BB+) and long-term local currency IDR was upgraded to BBB (from BB+)) after an 18-year gap;[48] this was followed by a ratings upgrade byMoody's in May 2013, as the service lifted Turkey's government bond ratings to the lowest investment grade Baa3. The decision is Moody's first investment-grade rating for Turkey in two decades and the service stated in its official statement that the nation's "recent and expected future improvements in key economic and public finance metrics" was the basis for the ratings boost.[49][50]
Turkish President Abdullah Gul said that Turkey was one of the rare countries whose financial institutions made profits in the last three years at a time of global economic crisis. Turkey is the world’s 15th and Europe’s 6th largest economy and the Turkish economy grew 11% in the first six months of 2010. Turkey is the country in OECD with the biggest growth of economy. According to the International Monetary Fund (IMF) Turkey will exceed China, United States, Brazil, and Japan in the rise of national income.[6]
According to the Financial Times Special Report on Turkey, Turkish business executives and government officials believe the quickest route to achieving export growth lies outside of traditional western markets.[51] According to Daniel Dombey of the Financial Times, a bit over five years ago, the "European Union accounted for much more than half of all Turkey’s exports. Now the figure is heading down toward not much more than a third”.[51] Erdem Başçı, Turkey’s central bank governor, predicts that Iraq will eventually become Turkey’s largest export market.[51] The Turkish government is intricately involved in helping to facilitate private sector expansion in emerging markets. “The government has a strategic vision, saying: ‘We will open up more embassies in growth regions and emerging markets such as Africa, Turkish Airlines will fly there, so Turkish businessmen can go there to do business there,’” says Hüsnü Özyeğin, one of Turkey’s most prominent businessmen and bankers.[51] Similarly,Ahmet Davutoğlu, Turkey’s foreign minister, is focusing his attentions on the Middle East and striking a series of visa-free travel deals, while eyeing to establish free trade zones with the countries in the region.[51] The AKP government is also seeking to improve economic and political relations with the autonomous Kurdish Regional Government (KRG) in northern Iraq.[52]
In 2013 Turkey had a "huge current account deficit and high external financing need.”[53]
An article by Mete Feridun (University of Greenwich) and Salih Katircioglu (Eastern Mediterranean University) which was published in Applied Economics Letters in 2011 provides statistical evidence that macroeconomic fundamentals in Turkey are in a dynamic relationship with exchange market pressure.[54]

Main economic sectors[edit]

Agricultural sector[edit]

This chart shows the structural change in Turkish GDP by sectors [2]
Atatürk Dam is the largest of the 22 dams in the Southeastern Anatolia Project. The program includes 22 dams, 19 hydraulic power plants, and the irrigation of 1.82 million hectares of land. The total cost of the project is estimated at $32 billion. The total installed capacity of power plants is 7476 MW and projected annual energy production reaches 27 TWh.
As of March 2007, Turkey is the world's largest producer of hazelnuts, cherries, figs, apricots, quinces and pomegranates; the second largest producer of watermelons, cucumbers and chickpeas; the third largest producer of tomatoes, eggplants, green peppers, lentils and pistachios; the fourth largest producer of onions and olives; the fifth largest producer of sugar beet; the sixth largest producer of tobacco, tea and apples; the seventh largest producer of cotton and barley; the eighth largest producer of almonds; the ninth largest producer of wheat, rye and grapefruit, and the tenth largest producer of lemons.[55] Turkey has been self-sufficient in food production since the 1980s. In the year 1989, the total production of wheat was 16.2 million tonnes, and barley 3.44 million tonnes.[56] The agricultural output has been growing at a respectable rate. However, since the 1980s, agriculture has been in a state of decline in terms of its share in the total economy.
The country's large agricultural sector accounted for 29.5% of the employment in 2009.[55] Historically, Turkey's farmers have been fairly fragmented. According to the 1990 Census, "85% of agricultural holdings were under 10 hectares and 57% of these were fragmented into four or more non-contiguous plots."[57] Many old agricultural attitudes remain widespread, but these traditions are expected to change with the EU accession process. Turkey is dismantling the incentive system. Fertilizer and pesticide subsidies have been curtailed and remaining price supports have been gradually converted to floor prices. The government has also initiated many planned projects, such as the Southeastern Anatolia Project(G.A.P project). The program includes 22 dams, 19 hydraulic power plants, and the irrigation of 1.82 million hectares of land.[58] The total cost of the project is estimated at $32 billion.[58] The total installed capacity of power plants is 7476 MW and projected annual energy production reaches 27 billion kWh.[58] The physical realization of G.A.P. was 72.6% as of 2010[59]
The livestock industry, compared to the initial years of the Republic, showed little improvement in productivity, and the later years of the decade saw stagnation. However, livestock products, including meat, milk, wool, and eggs, contributed to more than ⅓ of the value of agricultural output. Fishing is another important part of the economy; in 2005 Turkish fisheries harvested 545,673 tons of fish and aquaculture.[60]

Industrial sector[edit]

Consumer electronics and home appliances[edit]

Turkish brands like Bekoand Vestel are among the largest producers ofconsumer electronics andhome appliances in Europe.
Turkey's Vestel is the largest TV producer in Europe, accounting for a quarter of all TV sets manufactured and sold on the continent in 2006.[61] By January 2005, Vestel and its rival Turkish electronics and white goods brand Beko accounted for more than half of all TV sets manufactured in Europe.[62] Another Turkish electronics brand, Profilo-Telra, was Europe's third largest TV producer in 2005.[63]EU market share of Turkish companies in consumer electronics has increased significantly following the Customs Union agreement signed between the EU and Turkey: in color TVs from 5% in 1995 to more than 50% in 2005, in digital devices from 3% to 15%, and in white goods from 3% to 18%.

Textiles and clothing[edit]

Turkish companies made clothing exports worth $13.98 billion in 2006; more than $10.67 billion of which (76.33%) were made to the EU member states.[64]

Motor vehicles and automotive products[edit]

Main article: Automotive industry in Turkey
Turkish automotive companies like TEMSA,Otokar and BMC are among the world's largest van, bus and truck manufacturers.
In 2008 Turkey produced 1,147,110 motor vehicles, ranking as the 6th largest producer in Europe (behind the United Kingdom and above Italy) and the 15th largest producer in the world.[65][66]
The automotive industry is an important part of the economy since the late 1960s. The companies that operate in the sector are mainly located in the Marmara Region. With a cluster of car-makers and parts suppliers, the Turkish automotive sector has become an integral part of the global network of production bases, exporting over $22,944,000,000 worth of motor vehicles and components in 2008.[67][68]

Multiple unit trains, locomotives and wagons[edit]

TÜLOMSAŞ (1894), TÜVASAŞ (1951) and EUROTEM (2006) are among the major producers of multiple unit trains, locomotives and wagons in Turkey, including high-speed EMU and DMU models.

Shipbuilding[edit]

Turkey is one of the world's leading shipbuilding nations; in 2007 Turkish shipyards ranked 4th in the world (behind China, South Korea and Japan) in terms of the number of ordered ships, and also 4th in the world (behind Italy, USA and Canada) in terms of the number of ordered mega yachts.[69]

Arms industry[edit]

F-511 TCG Heybeliada is the lead ship of the MILGEM project next generation corvettes and frigates of theTurkish Navy.
Turkey has many modern armament manufacturers. Annual exports reached $1.6 billion in 2014.[70] MKEK, TAI, Aselsan, Roketsan, FNSS, Nurol Makina, Otokar, and Havelsan are major manufacturers. On July 11, 2002, Turkey became a Level 3 partner of the F-35 Joint Strike Fighter (JSF) development program. TAI builds various aircraft types and models, such as the F-16 Fighting Falcon for the Turkish Air Force.[71][72] Turkey has recently launched domestically built new military/intelligence satellites including a 0.8m resolution reconnaissance satellite (Project Göktürk-1) for use by the Turkish Armed Forces and a 2m resolution reconnaissance satellite (Project Göktürk-2) for use by the Turkish National Intelligence Organization. Other important products include the Altay main battle tank, A400M, TAI TFX, TF-2000 class AAW frigate, Milgem class corvette, TAI Anka UAV, Aselsan İzci UGV, T-155 Fırtına self-propelled howitzer, J-600T missile, T-129 attack helicopter, Roketsan UMTAS anti-tank missile,Roketsan Cirit laser-guided rocket, Panter Howitzer, ACV-300, Otokar Cobra and Akrep, FNSS Pars 6x6 and 8x8 APC, Nurol Ejder 6x6 APC, TOROS artillery rocket system, Bayraktar Mini UAV, ASELPOD, and SOM cruise missile.

Steel-Iron industry[edit]

Turkey ranks 8th in the list of countries by steel production. In 2013, total steel production was 29 million tonnes.[73] Turkey’s crude steel production reached a record high of 34.1 million tons in 2011.[74] Notable producers (above 2 million tonnes) and their ranks among top steel producing companies.[75]
  • Erdemir (7.1 million tonnes) (47th) (Only Erdemir-Turkey; Erdemir-Romania is not included)
  • Habaş (4.4 million tonnes) (72nd)
  • İçdaş (3.6 million tonnes) (76th)
  • Diler (2.3 million tonnes) (108th)
  • Çolakoğlu (2.1 million tonnes) (110th)

Science and technology[edit]

Main article: Science and technology in Turkey
TÜBİTAK is the leading agency for developing science, technology and innovation policies in Turkey.[76] TÜBA is an autonomous scholarly society acting to promote scientific activities in Turkey.[77] TAEK is the official nuclear energy institution of Turkey. Its objectives include academic research in nuclear energy, and the development and implementation of peaceful nuclear tools.[78]
Turkish government companies for research and development in military technologies include Turkish Aerospace Industries, Aselsan, Havelsan, Roketsan, MKE, among others. Turkish Satellite Assembly, Integration and Test Center is a spacecraft production and testing facility owned by the Ministry of National Defence and operated by the Turkish Aerospace Industries. The Turkish Space Launch System is a project to develop the satellite launch capability of Turkey. It consists of the construction of a spaceport, the development of satellite launch vehiclesas well as the establishment of remote earth stations.[79][80][81]

Construction and contracting sector[edit]

Main article: Turkish Construction and Contracting Industry
The Turkish construction and contracting industry is one of the leading, most competitive and dynamic construction/contracting industries in the world. In 2009 a total of 33 Turkish construction/contracting companies were selected for the Top International Contractors List prepared by the Engineering News-Record, which made the Turkish construction/contracting industry the world's 2nd largest, ranking behind those of China.[82][83][84]

Service sector[edit]

Transport[edit]

Main article: Transport in Turkey
Istanbul Atatürk Airport is the 13th busiest airport in the world.
Turkish Airlines, flag carrier of Turkey since 1933, was selected bySkytrax as Europe's best airline for four consecutive years in 2011, 2012, 2013 and 2014.[85][86] With 262 destinations worldwide, Turkish Airlines is the fourth largest carrier in the world by number of destinations as of 2014.[87]
As of 2009, there were 102 airports (90 with paved runways and 12 with unpaved runways) in Turkey, including the eight international airports in Istanbul, Ankara, İzmir, Trabzon, Dalaman, Milas-Bodrum and Antalya.[88]There were also 21 heliports in the country during the same year.[88] In 2010, there were 102 million airline passengers in Turkey. The number of airline passengers is expected to reach 120 million in 2011.[89]
The New (Third) Airport of Istanbul (Turkish: İstanbul Yeni (Üçüncü) Havalimanı) is a projected airport to be built in the Arnavutköy district of Istanbul, Turkey. The airport is planned to be the largest airport in the world with a capacity to serve 150 million passengers per annum, due to the inadequate capacity in the existing airports of Istanbul.[90] It will be the third international airport to be built in Istanbul.
The total length of the rail network was 10,991 km in 2008, ranking 22nd in the world, including 2,133 km of electrified track.[88] The Turkish State Railways started building high-speed rail lines in 2003. The first line, which has a length of 533 km from Istanbul (Turkey's largest metropolis) via Eskişehir to Ankara (the capital) is under construction and will reduce the travelling time from 6–7 hours to 3 hours and 10 minutes. The Ankara-Eskişehir section of the line, which has a length of 245 km and a projected travel time of 65 minutes, is completed. Trials began on April 23, 2007, and revenue earning service began on March 13, 2009. The Eskişehir-Istanbulsection of the line is scheduled to be completed by 2012, and includes the Marmaray tunnel which will enter service in 2012 and establish the first direct railway connection between Europe and Anatolia.Second high-speed rail line, which has length of 212 km between Ankara and Konya become operational in 2011.[91]
As of 2010, the country had a roadway network of 426,951 km, including 2,080 km of expressways and 16,784 km of divided highways.[92]
As of 2010, the Turkish merchant marine included 1199 ships (604 registered at home), ranking 7th in the world.[88] Turkey's coastline has 1,200 km of navigable waterways.[88]
In 2008, 7,555 kilometres (4,694 mi) of natural gas pipelines and 3,636 kilometres (2,259 mi) of petroleum pipelines spanned the country's territory.[88]

Communications[edit]

Main article: Communications in Turkey
Turksat is the primarycommunications satellite operator of Turkey, controlling the Turksat series of satellites. TÜBİTAK and Turkish Aerospace Industries have developedscientific observation satellites andreconnaissance satellites like the RASAT, Göktürk-1 and Göktürk-2.
As of 2008, there were 17,502,000 operational landline telephones in Turkey, which ranked 18th in the world;[88] while there were 65,824,000 registered mobile phones in the country, which ranked 15th in the world during the same year.[88] The largest landline telephone operator is Türk Telekom, which also owns TTNET, the largest internet service provider in Turkey. The largest mobile phone operators in the country are Turkcell,Vodafone Turkey, Avea and TTNET Mobil.
The telecommunications liberalisation process started in 2004 after the creation of the Telecommunication Authority, and is still ongoing. Private sector companies operate in mobile telephony, long distance telephony and Internet access. Additional digital exchanges are permitting a rapid increase in subscribers; the construction of a network of technologically advanced intercity trunk lines, using both fiber-optic cable and digital microwave radio relay, is facilitating communication between urban centers.[88] The remote areas of the country are reached by a domestic satellite system, while the number of subscribers to mobile-cellular telephone service is growing rapidly.[88]
The main line international telephone service is provided by the SEA-ME-WE 3 submarine communications cable and by submarine fiber-optic cablesin the Mediterranean Sea and Black Sea that link Turkey with Italy, Greece, Israel, Bulgaria, Romania, and Russia.[88] In 2002, there were 12 Intelsatsatellite earth stations; and 328 mobile satellite terminals in the Inmarsat and Eutelsat systems.[88]
Türksat A.Ş. is the primary communications satellite operator of Turkey, controlling the Turksat series of satellites. TÜBİTAK and Turkish Aerospace Industries have developed scientific observation satellites and reconnaissance satellites like the RASAT, Göktürk-1 and Göktürk-2.
As of 2001, there were 16 AM, 107 FM, and 6 shortwave radio stations in the country.[88]
As of 2008, there were 24,483,000 internet users in Turkey, which ranked 15th in the world;[88] while as of 2009, there were 2,961,000 internet hosts in the country, which ranked 27th in the world.[88]

Tourism sector[edit]

Main article: Tourism in Turkey
Ölüdeniz on the Turquoise Coast of Turkey, which is famous for its shades of turquoise and aquamarine, while its beach is an official Blue Flag beach, frequently rated among the top 5 beaches in the world by travelers and tourism journals alike.
Tourism is one of the most dynamic and fastest developing sectors in Turkey. According to travel agencies TUI AG and Thomas Cook, 11 of the 100 best hotels of the world are located in Turkey.[93] In 2005, there were 24,124,501 visitors to the country, who contributed $18.2 billion to Turkey's revenues, with an average expenditure of $679 per tourist.[94] In 2008, the number of visitors rose to 30,929,192, who contributed $21.9 billion to Turkey's revenues.[95] For 2011, the World Tourism Organisation (UNWTO) reported 34,654,000 arrivals and US$25 billion in receipts for Turkey.[96]According to the World Travel & Tourism Council, in 2012 travel and tourism made a total contribution of 10.9% to Turkish GDP and supported 8.3% of all jobs in the country.[97] Over the years, Turkey has emerged as a popular tourist destination for many Europeans, competing with Greece, Italy andSpain. Resorts in provinces such as Antalya and Muğla (which are located on the Turkish Riviera) have become very popular among tourists.

Financial sector[edit]

Bankalar Caddesi was Istanbul's financial center during the Ottomanperiod. Completed in 1892, the Ottoman Central Bank headquarters is the first building at right.
The Central Bank of the Republic of Turkey (Türkiye Cumhuriyet Merkez Bankası) was founded in 1930, as a privileged joint-stock company. It possesses the sole right to issue notes. It also has the obligation to provide for the monetary requirements of the state agricultural and commercial enterprises. All foreign exchange transfers are exclusively handled by the central bank.
Originally established as the Ottoman Stock Exchange (Dersaadet Tahvilat Borsası) in 1866, and reorganized to its current structure at the beginning of 1986, the Istanbul Stock Exchange (ISE) is the sole securities market of Turkey.[98] During the 19th and early 20th centuries, Bankalar Caddesi (Banks Street) in Istanbul was the financial center of the Ottoman Empire, where the headquarters of the Ottoman Central Bank (established as the Bank-ı Osmanî in 1856, and later reorganized as the Bank-ı Osmanî-i Şahane in 1863)[99] and the Ottoman Stock Exchange (1866) were located.[100] Bankalar Caddesi continued to be Istanbul's main financial district until the 1990s, when most Turkish banks began moving their headquarters to the modern central business districts of Levent and Maslak.[100] In 1995, the Istanbul Stock Exchange moved to its current building in the Istinye quarter.[101] The Istanbul Gold Exchange was also established in 1995. The stock market capitalisation of listed companies in Turkey was valued at $161,537,000,000 in 2005 by the World Bank.[102]
Until 1991, establishing a private sector bank in Turkey wasn't easy and was subject to strict government controls and regulations. On 10 October 1991 (ten days before the general elections of 20 October 1991) the ANAP government of Prime Minister Mesut Yılmaz gave special permissions to five prominent businessmen (who had close links to the government) to establish their own small-scale private banks. These were Kentbank (owned by Süzer); Park Yatırım Bankası (owned by Karamehmet); Toprakbank (owned by Toprak); Bank Ekspres (owned by Betil); and Alternatif Bank (owned by Doğan.) They were followed by other small-scale private banks established between 1994 and 1995, during the DYP government of Prime Minister Tansu Çiller, who introduced drastic changes to the banking laws and regulations; which made it very easy to establish a bank in Turkey, but also opened many loopholes in the system. In 1998, there were 72 banks in Turkey; most of which were owned by construction companies that used them as financial assets for siphoning money into their other operations. As a result, in 1999 and 2001, the DSP government of Prime Minister Bülent Ecevit had to face two major economic crises that were caused mostly by the weak and loosely regulated banking sector; the growing trade deficit; and the devastating İzmit earthquake of 17 August 1999. The Turkish lira, which was pegged to the U.S. dollar prior to the crisis of 2001, had to be floated, and lost an important amount of its value. This financial breakdown reduced the number of banks to 31. Prime Minister Bülent Ecevit had to call the renowned economistKemal Derviş to tidy up the economy and especially the weak banking system so that a similar economic crisis would not happen again.
Söğütözü business district in Ankara
At present, the Turkish banking sector is among the strongest and most expansive in East Europe, the Middle East and Central Asia. During the past decade since 2001, the Turkish lira has also gained a considerable amount of value and maintained its stability, becoming an internationally exchangeable currency once again (in line with the inflation that dropped to single-digit figures since 2003.) The economy grew at an average rate of 7.8% between 2002 and 2005. Fiscal deficit is benefiting (though in a small amount) from large industrial privatizations. Banking came under stress beginning in October 2008 as Turkish banking authorities warned state-run banks against the pullback of loans from the larger financial sectors.[103] More than 34% of the assets in the Turkish banking sector are concentrated in the Agricultural Bank (Ziraat Bankası), Housing Bank (Yapı Kredi Bankası), Isbank (Türkiye İş Bankası) and Akbank. The five big state-owned banks were restructured in 2001. Political involvement was minimized and loaning policies were changed. There are also numerous international banks, which have branches in Turkey. A number of Arabian trading banks, which practice an Islamic banking, are also present in the country.
Government regulations passed in 1929 required all insurance companies to reinsure 30% of each policy with the Millî Reasürans T.A.Ş. (National Reinsurance Corporation) which was founded on February 26, 1929.[104] In 1954, life insurance was exempted from this requirement. The insurance market is officially regulated through the Ministry of Commerce.
After years of low levels of foreign direct investment (FDI), in 2007 Turkey succeeded in attracting $21.9 billion in FDI and is expected to attract a higher figure in following years.[105] A series of large privatizations, the stability fostered by the start of Turkey’s EU accession negotiations, strong and stable growth, and structural changes in the banking, retail, and telecommunications sectors have all contributed to the rise in foreign investment.[citation needed]
In recent years, the chronically high inflation has been brought under control and this has led to the launch of a new currency, the "New Turkish lira", on January 1, 2005, to cement the acquisition of the economic reforms and erase the vestiges of an unstable economy.[106] On January 1, 2009, the New Turkish lira was renamed once again as the "Turkish lira", with the introduction of new banknotes and coins.
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10 Mart 2015 Salı

Six Markets to Watch: Turkey How Erdogan Did It -- and Could Blow It

For much of last year, Turkey’s economy seemed almost on top of the world. In May, as huge construction projects moved ahead, Ankara paid off its remaining debt to the International Monetary Fund, ending what seemed to many Turks a long history of humiliation. The country received an encouraging investment-grade rating, and foreign funds poured in like never before.
In a flurry of appearances that month, Prime Minister Recep Tayyip Erdogan feted record-low interest rates, a slide in the unemployment rate from 15 percent to nine percent since 2009, and, above all, the growth that Turkey has enjoyed “due to reforms carried out over the past ten years.” He underlined his point -- and his driving ambition -- on an exuberant visit to Washington. Addressing the U.S. Chamber of Commerce, he noted that when his Islamist-rooted Justice and Development Party (AKP) came to power in 2002, at least 20 other economies were bigger than Turkey’s in terms of dollar output. “Now, we are 17th,” he exulted, “and in due course, we are going to be among the ten largest economies.”
The Turkish economy has indeed come a long way during Erdogan’s decade in office, propelling Ankara’s ascent to greater global prominence. In the late 1990s, Turkey was running 90 percent inflation and attracting almost no foreign investment. As recently as 2002, Turkey was using up almost 90 percent of its tax revenues to pay the interest on its debt. Today, these problems have all but disappeared.
But the optimism of May has since faded. Turkey, like many other developing countries, has found itself facing skittish markets, volatile exchange rates, political unrest, and an uncertain outlook. The picture of Turkey today is less flattering but more revealing than before, displaying both the promise and the perils of being an $800 billion emerging economy.
Turkey is still on track to grow faster than much of the industrialized world in the coming years. In October, Jim Yong Kim, the president of the World Bank, hailed the country as “an inspiration to many developing countries.” But the fact remains that Turkey’s success could yet unravel. To live up to its economic potential, Turkey will have to overcome two main challenges: its reliance on fickle foreign funds and the intrusion of heavy-handed politics into its economic life.
WHERE ELSE TO BET NOW
SEEDS OF SUCCESS
The seeds of Turkey’s success this century lie in the failure of the period that immediately preceded it. After the liberalizing reforms of Turgut Ozal, the visionary prime minister of the 1980s, who opened up what had been a perennially closed economy, the 1990s were a wretched decade, punctuated by economic crisis, brutal episodes in the country’s Kurdish conflict, a de facto coup, and a devastating earthquake. This was a time when the lack of foreign funds, often the result of spikes in U.S. Treasury yields, could cause economies to seize up, and Turkey was hardly alone in its misery. During these years, macroeconomic shocks also hit Mexico, Russia, and Southeast Asia.
For Turkey, this sorry period came to an end just after a 2001 banking crisis, when Finance Minister Kemal Dervis, with the cooperation of the International Monetary Fund, laid the groundwork for success. Ankara pruned back its spending, brought inflation under control, introduced a floating exchange rate, restructured the country’s banks, and granted more independence to the central bank and regulators. When the AKP took over in 2002, it stuck to this template, which paid off as Turkey’s discussions with the European Union progressed. The prospect of EU membership -- negotiations started in 2005 -- opened the floodgates for foreign direct investment.
A boom in infrastructure development and construction added to the good times. Since the outset of Erdogan’s tenure, the country’s highway network has been expanded by more than 10,000 miles. The number of airports has doubled, to 50, and Turkish Airlines now flies to more than 100 countries, more than any other carrier in the world. New, upscale housing complexes and shopping malls seem to flank every major city.
Turkey’s once-fragile banking sector was strong enough to get through the 2008 financial crisis with only a brief, albeit deep, recession. Then, as the United States unleashed an unprecedented monetary stimulus, Turkey floated on a sea of money. Growth roared ahead: the economy expanded by 9.2 percent in 2010 and 8.8 percent in 2011, although higher interest rates slowed the overheating economy to 2.2 percent growth in 2012.
HOOKED ON FOREIGN FUNDS
Yet for all its strengths, Turkey remains vulnerable. Its first major problem is its dependence on foreign funds. The country suffers from structural weaknesses that have been obscured by the waves of money that have been crashing in because of loose monetary policies elsewhere. It shares this problem with other developing countries, including Brazil and Indonesia, whose governments have grown lazy about reforms and let the quantitative-easing-induced good times roll. This dependence has become particularly worrying since May, when the U.S. Federal Reserve floated the possibility of reining in its monetary stimulus, a step that would likely reduce the funds that have been pouring into emerging economies. For Turkey, the talk of a tighter U.S. monetary policy left a particular mark: amid other troubles, yields on the country’s benchmark two-year bonds doubled.
Turkish markets were sensitive for one reason above all: a lack of balance in the country’s economy. Even though Turkey was expected to have grown by only 3.5 to 4.0 percent in 2013 -- below the level needed to create enough jobs for new entrants into the work force -- the country’s current account deficit stands at about seven percent of GDP. Despite Turkey’s enormous appeal for tourists (36 million arrived in 2012), a manufacturing base well positioned for exports, a $62 billion agricultural sector, a tradition of trading, and ambitions to become an energy hub, the country still relies on domestic consumption to power its economy, and consumption has risen rapidly as savings have fallen. At present, Turkey sucks in foreign goods and relies on foreign cash to finance even lackluster economic expansion.
Making matters worse, the foreign funds that are financing Turkey’s expansion are overwhelmingly short-term investments and could be swiftly pulled out of the country. Net foreign direct investment underwrote just $7.3 billion of the country’s $56.7 billion current account deficit between August 2012 and August 2013. By contrast, five years ago, such investment -- which is intrinsically more stable than short-term portfolio funds -- financed half the deficit.
Turkish officials argue that concerns about the country’s prospects are exaggerated and emphasize that a return to a more traditional U.S. monetary policy should not be compared with traumas on the scale of the collapse of Lehman Brothers. And in fact, with the U.S. economy still troubled, the Federal Reserve has so far held off tapering back its $85 billion of monthly asset purchases: money has returned to Turkey, and the spike in Turkish bond yields has partially subsided. Most analysts predict that Turkey will continue to grow moderately, as the country’s living standards continue to converge toward those of the developed world, albeit at a slower pace than before.
But Washington’s loose monetary policy can’t last forever, and behind the Turkish economy’s ups and downs, deeper problems lurk. The rebound from the 1990s is over, the low-hanging fruit of the last decade’s reforms has been picked, and the foreign money on which the economy depends will eventually be in shorter supply. If Turkey cannot reduce its dependence on short-term foreign capital, it will not be able to grow enough, or at least not sustainably.
To a certain extent, the Turkish story so far has been less than meets the eye. The government trumpets that during its time in office, income per capita has tripled, partly a result of disparities between inflation and the exchange rate. But that growth happened early on, mostly due to the lira’s strengthening in real terms, and for the past half decade, that figure has largely been stuck around $10,500.
Then there are a whole host of structural issues that Turkey must address. Participation in the labor force remains low: only about 50 percent of working-age adults were employed in 2012, compared with an average of 68 percent across the mostly developed countries of the Organ­ization for Economic Cooperation and Development. Part of the reason for this is the fact that Turkey has overlooked the potential of half its population: according to a recent World Economic Forum report, Turkey ranks 120th out of 136 countries in terms of gender equality, and women constitute only 23 percent of the nonagricultural work force. Moreover, Turkey still lags behind the developed world in terms of educational levels. In 2011, two-thirds of Turkey’s working-age population had received only primary education or less, and according to the EU, fully 30 percent of Turkey’s young people are neither receiving education or training nor securing jobs.
The government acknowledges all these concerns. Ankara is seeking to reduce its dependence on foreign fuel, which accounts for almost all its current account deficit, by encouraging alternative sources of energy and attempting to develop Turkey as an energy hub between its oil- and gas-rich neighbors. The government has recently imposed measures to limit credit card and consumer lending to contain private consumption, and it has offered new incentives for pension schemes to encourage saving. The World Bank recently commended the “remarkable improvement” in Turkey’s education system since 2003. And the government’s finances are in admirable shape.
But the existing problems translate into economic facts of life: much of the increase in employment in recent years has come from agriculture, services, and relatively low-technology manufacturing in Anatolia. Outside the greater Istanbul area and beyond the Aegean coastline, two areas that export products such as refrigerators, washing machines, televisions, and vehicles, much of the country produces low-value-added goods, which generate less income and can be more vulnerable to competition.
THE STRONGMAN
Turkey’s other main challenge is political. The concentration of power under Erdogan was once an essential precondition for economic success. Today, however, it could make things worse, not better.
Erdogan’s chief accomplishment has been to establish the supremacy of Turkey’s elected leaders and hence the stability of government on which economic progress often rests. After 40 years in which the military ousted four governments, Turkish democracy no longer operates at gunpoint. Erdogan has pushed aside a host of opponents, some of them antidemocratic, including the military, big business, the country’s old media barons, and the judges who bent laws in a bid to weaken the AKP government. But the consequence is that the prime minister is now master of almost all he surveys, which, combined with his often erratic behavior of late, has raised important questions about the Turkish government’s transparency, rationality, and stability.
The institutions that played a role in Turkey’s success over the past decade now struggle to appear independent of the prime minister’s will. Despite the prospect of an end to the U.S. stimulus -- and inflation of about eight percent -- the central bank has kept the benchmark interest rate at 4.5 percent. Instead of increasing that rate -- what would seem the appropriate response -- the central bank has tightened the money supply with unorthodox and often confusing measures. Underlining the constraints under which the bank operates, Erdogan has long made clear his aversion to high interest rates, not least because of their role in holding back growth, and blamed an “interest-rate lobby” for stoking the Gezi Park protests last summer.
Other examples of the centralization of economic power abound. The Capital Markets Board of Turkey has named three AKP officials, including two former ministers, as directors of Turkcell, the country’s biggest cell-phone company. Last summer, Turkey’s broadcasting watchdog fined television stations that screened footage of the Gezi protests. Most conspicuous, after Erdogan denounced the Turkish conglomerate Koc Holding for sheltering protesters in one of its hotels, in July, tax inspectors accompanied by police raided the offices of several Koc subsidiaries. The case is ongoing and could fizzle out in the long run, but Turkish executives now privately complain that such an atmosphere could scare away the foreign direct investment that Turkey so desperately needs.
Indeed, the risks that Erdogan’s erratic policymaking could wreak economic damage is especially great in a country with few natural resources and little capital of its own. If the government continues to punish the media for broadcasting bad news, if big decisions come to depend on the mood of one man, and if companies fear predatory fines, Turkish growth seems unlikely to continue at the rates to which the country has become accustomed.
Little of this seems to have dawned on Erdogan himself, however: the prime minister has rarely sounded more optimistic. His government projects that Turkey will reach a per capita income of $25,000 by 2023 -- the centenary of the founding of the republic -- and realize its aim of becoming one of the world’s ten biggest economies. The latter target would require barely credible rates of growth -- 15 percent a year, according to Rahmi Koc, the patriarch of Koc Holding -- but it is in keeping with the prime minister’s monumental approach. Erdogan has also backed and begun such giant projects as a vast new airport for Istanbul, a new bridge across the Bosporus, and a new canal to run parallel to the strait. In Turkey’s current political climate, any suggestion that such projects could face financing difficulties leads to howls of outrage by the pro-government press.
As all of this implies, Turkey’s economic potential is decidedly mixed. The country remains alluring to consumer goods companies that want to sell to the country’s youthful population; it has been tried and tested as a manufacturer, and it retains a strong tradition of exporting apparel. But for other foreign investors, it presents more uncertain prospects; government officials acknowledge that foreign direct investment is considerably below where they would like it to be.
Nevertheless, Turkey still stands out amid the troubled economies of southern Europe, not to mention a Middle East in turmoil. In a November survey, the European Bank for Reconstruction and Development forecast that in 2014, Turkey would grow by 3.6 percent -- less than it had previously expected, but still a higher rate than those projected for many of its neighbors. The country’s enviable geographic location and its customs union with the EU remain important competitive advantages.
ANKARA'S AMBITION
The current state of affairs may not necessarily endure. Optimists argue that the country will return to trend, in politics as well as economics. They note that Turkey is incomparably richer and freer than it was 15 years ago. On the economic front, if education improves and Turks save more, the country can continue to grow at an accelerated pace. And on the political front, Erdogan may change course if the drawbacks of his current approach sink in.
In fact, Erdogan might not even be at the helm of government for much longer. Erdogan has sworn not to serve another term as premier (AKP term limits prohibit it), and he has shown great interest in running for the country’s presidency -- currently a largely symbolic post -- in the first direct elections for the position, which will be held later this year. Should he do so, the current president, Abdullah Gul, may well become prime minister. And a country led by Gul could be an entirely different place. Although Gul and Erdogan are old allies who built the AKP together, in recent years, Gul has taken pains to establish himself as a more moderate alternative to his old comrade. During his address at the opening of parliament in October, Gul called for a “new growth policy” and argued that Turkey should address its low savings rate, its educational failings, and the lack of women’s participation in political and economic life, as well as find ways to make “foreign investors and our own entrepreneurs feel safe and secure.”
Whoever leads Turkey next will face strong headwinds. Few analysts predict that Turkey will face the sort of crashes that have done it so much damage in the past. But in a harsh report in September, the International Monetary Fund warned that it would be difficult for Turkey to grow by four or five percent annually -- let alone by the extraordinary levels of recent memory -- “while continuing to accumulate large external liabilities.” It predicted that without structural reform, higher interest rates, and tighter spending policies, the country would be left with an unenviable choice between sluggish growth and bouts of instability.
This is the dilemma that Erdogan faces as he seeks to continue the political and economic advances his country has made since 2002. He has often proved his critics wrong. But Erdogan can achieve his outsized ambitions only if the country and the government do everything right. And the way things currently look, that might simply be too much to expect.
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Turkey's economy: No more boom time

In the last few years, Turkey has been celebrating its booming economy. But recent numbers paint a more sober picture. Experts say the government has failed to implement reforms. Thomas Seifert reports from Istanbul.
Türkische Flagge
Third-quarter growth of 1.7 percent and a 2.8 percent expansion rate for the first nine months of the year would have many European countries in rapture, but in Turkey, these recent numbers have met with disappointment, as they came in far below market expectations.
The Turkish government had forecast 3.3 percent growth for 2014, down from an initial 4 percent. Both numbers look increasingly unrealistic.
And it is not just growth that's lackluster, unemployment has also risen to a seasonally adjusted 10.7 percent in September - the highest rate in four years. Youth unemployment stands at an even higher rate of 20 percent.
Turkish consumers seem to have less disposable income now - car sales dropped by a hefty 19 percent in the first nine months of the year, compared with the same period the previous year.
Homemade problems
In part, Turkey's problems are caused by international events, such as the US central bank's policy of reducing its bond-buying program, which is having an effect on emerging economies worldwide.

The cracks in Turkey's boom (08.08.2014)

Betting on rising interest rates in the US, investors are taking their money out of Turkey to invest it across the pond.
Turkey's economic boom was in large part driven by foreign investors. If they pull out, it could have dire consequences for the country.
Experts, however, believe that many of Turkey's problems are homemade. Turkish businesses have invested a lot less in machinery and equipment recently, Hanife Cetin from Ankara-based think tank Türksam told DW. It's a problem for Turkey, as it needs a robust manufacturing sector and more investment in research and development, according to Cetin.
Calls for structural reforms
The International Monetary Fund (IMF) has just warned Turkey to implement structural reforms to reduce its dependence on foreign investors.
Turkey failed to kickstart reforms after 2008 when ample funds from abroad boosted the economy and there would have been room for maneuver, according to columnist Ugur Gürses in Turkish online newspaper Radikal.
Gürses also lists political turbulence, allegations of corruption against members of the government and the recent arrests of journalists as negative factors affecting the economy. They have all contributed to the Turkish lira losing ground against major currencies, say analysts.
Cetin believes that investors could remain wary of Turkey in the long run. Lower oil prices and higher state spending ahead of the parliamentary elections next year may boost the economy, but the effect will be short-lived. She predicts Turkey will have to grapple with high inflation, high unemployment and "economic fragility" for some time.
Education is key
Turkey needs a new growth model, says Emre Deliveli, economics columnist for Turkish dailyHürriyet. He told DW that he believes Turkey needs to shift from relying on domestic demand to an export-led economy with a focus on advanced technology.
Deliveli says Turkey has so far not managed to transform manufacturing from making cars, for example, to making more high-tech products. For that to happen, Turkey must reform its education system to boost research and development, the expert stresses.
The government has promised changes, but very little has happened, says Deliveli. And he doesn't expect that to change significantly before the elections in mid-2015.

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The economy of Turkey is defined as an emerging market economy by the IMF.[33] Turkey is among the world's developed countries according to the CIA World Factbook.[34] Turkey is also defined by economists and political scientists as one of the world's newly industrialized countries. The country is among the world's leading producers of agricultural products; textiles; motor vehicles, ships and other transportation equipment; construction materials; consumer electronics and home appliances.

Macroeconomic trends[edit]

Turkey has the world's 17th largest nominal GDP,[35] and 15th largest GDP by PPP.[35] The country is a founding member of the OECD (1961) and the G-20 major economies (1999). Since December 31, 1995, Turkey is also a part of the EU Customs Union.
While many economies have been unable to recover from the recent global financial recession, the Turkish economy expanded by 9.2% in 2010, and 8.5 percent in 2011, thus standing out as the fastest growing economy in Europe, and one of the fastest growing economies in the world. Hence, Turkey has been meeting the “60 percent EU Maastricht criteria” for public debt stock since 2004. Similarly, from 2002 to 2011, the budget deficit decreased from more than 10 percent to less than 3 percent, which is one of the EU Maastricht criteria for the budget balance.[6]
The CIA classifies Turkey as a developed country.[36] Turkey is often classified as a newly industrialized country by economists and political scientists;[37][38][39] while Merrill Lynch, the World Bank, and The Economist describe Turkey as an emerging market economy.[40][41][42]
The World Bank classifies Turkey as an upper-middle income country in terms of the country's per capita GDP in 2007.[42] Mean graduate pay was $10.02 per manhour in 2010.
According to a survey by Forbes magazine, Istanbul, Turkey's financial capital, had a total of 37 billionaires in 2013, ranking 5th in the world behind Moscow (84 billionaires), New York City (62 billionaires), Hong Kong (43 billionaires) and London (43 billionaires).[43]
In 2009 the Turkish government introduced various economic stimulus measures to reduce the impact of the 2007–2012 global financial crisissuch as temporary tax cuts on automobiles, home appliances, and housing. As a result, the production of durable consumer goods increased by 7.2%, despite a decrease in automotive production.[44]
The Turkish Stock Market and credit rating agencies have responded positively. According to The Economist, share prices in Turkey nearly doubled over the course of 2009.[45] On 8 January 2010, International credit rating agency Moody's upgraded Turkey's rating one notch.[46][47] In 2012, Fitch upgraded Turkey's credit rating to investment grade (long-term foreign currency Issuer Default Rating (IDR) was upgraded to BBB- (from BB+) and long-term local currency IDR was upgraded to BBB (from BB+)) after an 18-year gap;[48] this was followed by a ratings upgrade byMoody's in May 2013, as the service lifted Turkey's government bond ratings to the lowest investment grade Baa3. The decision is Moody's first investment-grade rating for Turkey in two decades and the service stated in its official statement that the nation's "recent and expected future improvements in key economic and public finance metrics" was the basis for the ratings boost.[49][50]
Turkish President Abdullah Gul said that Turkey was one of the rare countries whose financial institutions made profits in the last three years at a time of global economic crisis. Turkey is the world’s 15th and Europe’s 6th largest economy and the Turkish economy grew 11% in the first six months of 2010. Turkey is the country in OECD with the biggest growth of economy. According to the International Monetary Fund (IMF) Turkey will exceed China, United States, Brazil, and Japan in the rise of national income.[6]
According to the Financial Times Special Report on Turkey, Turkish business executives and government officials believe the quickest route to achieving export growth lies outside of traditional western markets.[51] According to Daniel Dombey of the Financial Times, a bit over five years ago, the "European Union accounted for much more than half of all Turkey’s exports. Now the figure is heading down toward not much more than a third”.[51] Erdem Başçı, Turkey’s central bank governor, predicts that Iraq will eventually become Turkey’s largest export market.[51] The Turkish government is intricately involved in helping to facilitate private sector expansion in emerging markets. “The government has a strategic vision, saying: ‘We will open up more embassies in growth regions and emerging markets such as Africa, Turkish Airlines will fly there, so Turkish businessmen can go there to do business there,’” says Hüsnü Özyeğin, one of Turkey’s most prominent businessmen and bankers.[51] Similarly,Ahmet Davutoğlu, Turkey’s foreign minister, is focusing his attentions on the Middle East and striking a series of visa-free travel deals, while eyeing to establish free trade zones with the countries in the region.[51] The AKP government is also seeking to improve economic and political relations with the autonomous Kurdish Regional Government (KRG) in northern Iraq.[52]
In 2013 Turkey had a "huge current account deficit and high external financing need.”[53]
An article by Mete Feridun (University of Greenwich) and Salih Katircioglu (Eastern Mediterranean University) which was published in Applied Economics Letters in 2011 provides statistical evidence that macroeconomic fundamentals in Turkey are in a dynamic relationship with exchange market pressure.[54]

Main economic sectors[edit]

Agricultural sector[edit]

This chart shows the structural change in Turkish GDP by sectors [2]
Atatürk Dam is the largest of the 22 dams in the Southeastern Anatolia Project. The program includes 22 dams, 19 hydraulic power plants, and the irrigation of 1.82 million hectares of land. The total cost of the project is estimated at $32 billion. The total installed capacity of power plants is 7476 MW and projected annual energy production reaches 27 TWh.
As of March 2007, Turkey is the world's largest producer of hazelnuts, cherries, figs, apricots, quinces and pomegranates; the second largest producer of watermelons, cucumbers and chickpeas; the third largest producer of tomatoes, eggplants, green peppers, lentils and pistachios; the fourth largest producer of onions and olives; the fifth largest producer of sugar beet; the sixth largest producer of tobacco, tea and apples; the seventh largest producer of cotton and barley; the eighth largest producer of almonds; the ninth largest producer of wheat, rye and grapefruit, and the tenth largest producer of lemons.[55] Turkey has been self-sufficient in food production since the 1980s. In the year 1989, the total production of wheat was 16.2 million tonnes, and barley 3.44 million tonnes.[56] The agricultural output has been growing at a respectable rate. However, since the 1980s, agriculture has been in a state of decline in terms of its share in the total economy.
The country's large agricultural sector accounted for 29.5% of the employment in 2009.[55] Historically, Turkey's farmers have been fairly fragmented. According to the 1990 Census, "85% of agricultural holdings were under 10 hectares and 57% of these were fragmented into four or more non-contiguous plots."[57] Many old agricultural attitudes remain widespread, but these traditions are expected to change with the EU accession process. Turkey is dismantling the incentive system. Fertilizer and pesticide subsidies have been curtailed and remaining price supports have been gradually converted to floor prices. The government has also initiated many planned projects, such as the Southeastern Anatolia Project(G.A.P project). The program includes 22 dams, 19 hydraulic power plants, and the irrigation of 1.82 million hectares of land.[58] The total cost of the project is estimated at $32 billion.[58] The total installed capacity of power plants is 7476 MW and projected annual energy production reaches 27 billion kWh.[58] The physical realization of G.A.P. was 72.6% as of 2010[59]
The livestock industry, compared to the initial years of the Republic, showed little improvement in productivity, and the later years of the decade saw stagnation. However, livestock products, including meat, milk, wool, and eggs, contributed to more than ⅓ of the value of agricultural output. Fishing is another important part of the economy; in 2005 Turkish fisheries harvested 545,673 tons of fish and aquaculture.[60]

Industrial sector[edit]

Consumer electronics and home appliances[edit]

Turkish brands like Bekoand Vestel are among the largest producers ofconsumer electronics andhome appliances in Europe.
Turkey's Vestel is the largest TV producer in Europe, accounting for a quarter of all TV sets manufactured and sold on the continent in 2006.[61] By January 2005, Vestel and its rival Turkish electronics and white goods brand Beko accounted for more than half of all TV sets manufactured in Europe.[62] Another Turkish electronics brand, Profilo-Telra, was Europe's third largest TV producer in 2005.[63]EU market share of Turkish companies in consumer electronics has increased significantly following the Customs Union agreement signed between the EU and Turkey: in color TVs from 5% in 1995 to more than 50% in 2005, in digital devices from 3% to 15%, and in white goods from 3% to 18%.

Textiles and clothing[edit]

Turkish companies made clothing exports worth $13.98 billion in 2006; more than $10.67 billion of which (76.33%) were made to the EU member states.[64]

Motor vehicles and automotive products[edit]

Main article: Automotive industry in Turkey
Turkish automotive companies like TEMSA,Otokar and BMC are among the world's largest van, bus and truck manufacturers.
In 2008 Turkey produced 1,147,110 motor vehicles, ranking as the 6th largest producer in Europe (behind the United Kingdom and above Italy) and the 15th largest producer in the world.[65][66]
The automotive industry is an important part of the economy since the late 1960s. The companies that operate in the sector are mainly located in the Marmara Region. With a cluster of car-makers and parts suppliers, the Turkish automotive sector has become an integral part of the global network of production bases, exporting over $22,944,000,000 worth of motor vehicles and components in 2008.[67][68]

Multiple unit trains, locomotives and wagons[edit]

TÜLOMSAŞ (1894), TÜVASAŞ (1951) and EUROTEM (2006) are among the major producers of multiple unit trains, locomotives and wagons in Turkey, including high-speed EMU and DMU models.

Shipbuilding[edit]

Turkey is one of the world's leading shipbuilding nations; in 2007 Turkish shipyards ranked 4th in the world (behind China, South Korea and Japan) in terms of the number of ordered ships, and also 4th in the world (behind Italy, USA and Canada) in terms of the number of ordered mega yachts.[69]

Arms industry[edit]

F-511 TCG Heybeliada is the lead ship of the MILGEM project next generation corvettes and frigates of theTurkish Navy.
Turkey has many modern armament manufacturers. Annual exports reached $1.6 billion in 2014.[70] MKEK, TAI, Aselsan, Roketsan, FNSS, Nurol Makina, Otokar, and Havelsan are major manufacturers. On July 11, 2002, Turkey became a Level 3 partner of the F-35 Joint Strike Fighter (JSF) development program. TAI builds various aircraft types and models, such as the F-16 Fighting Falcon for the Turkish Air Force.[71][72] Turkey has recently launched domestically built new military/intelligence satellites including a 0.8m resolution reconnaissance satellite (Project Göktürk-1) for use by the Turkish Armed Forces and a 2m resolution reconnaissance satellite (Project Göktürk-2) for use by the Turkish National Intelligence Organization. Other important products include the Altay main battle tank, A400M, TAI TFX, TF-2000 class AAW frigate, Milgem class corvette, TAI Anka UAV, Aselsan İzci UGV, T-155 Fırtına self-propelled howitzer, J-600T missile, T-129 attack helicopter, Roketsan UMTAS anti-tank missile,Roketsan Cirit laser-guided rocket, Panter Howitzer, ACV-300, Otokar Cobra and Akrep, FNSS Pars 6x6 and 8x8 APC, Nurol Ejder 6x6 APC, TOROS artillery rocket system, Bayraktar Mini UAV, ASELPOD, and SOM cruise missile.

Steel-Iron industry[edit]

Turkey ranks 8th in the list of countries by steel production. In 2013, total steel production was 29 million tonnes.[73] Turkey’s crude steel production reached a record high of 34.1 million tons in 2011.[74] Notable producers (above 2 million tonnes) and their ranks among top steel producing companies.[75]
  • Erdemir (7.1 million tonnes) (47th) (Only Erdemir-Turkey; Erdemir-Romania is not included)
  • Habaş (4.4 million tonnes) (72nd)
  • İçdaş (3.6 million tonnes) (76th)
  • Diler (2.3 million tonnes) (108th)
  • Çolakoğlu (2.1 million tonnes) (110th)

Science and technology[edit]

Main article: Science and technology in Turkey
TÜBİTAK is the leading agency for developing science, technology and innovation policies in Turkey.[76] TÜBA is an autonomous scholarly society acting to promote scientific activities in Turkey.[77] TAEK is the official nuclear energy institution of Turkey. Its objectives include academic research in nuclear energy, and the development and implementation of peaceful nuclear tools.[78]
Turkish government companies for research and development in military technologies include Turkish Aerospace Industries, Aselsan, Havelsan, Roketsan, MKE, among others. Turkish Satellite Assembly, Integration and Test Center is a spacecraft production and testing facility owned by the Ministry of National Defence and operated by the Turkish Aerospace Industries. The Turkish Space Launch System is a project to develop the satellite launch capability of Turkey. It consists of the construction of a spaceport, the development of satellite launch vehiclesas well as the establishment of remote earth stations.[79][80][81]

Construction and contracting sector[edit]

Main article: Turkish Construction and Contracting Industry
The Turkish construction and contracting industry is one of the leading, most competitive and dynamic construction/contracting industries in the world. In 2009 a total of 33 Turkish construction/contracting companies were selected for the Top International Contractors List prepared by the Engineering News-Record, which made the Turkish construction/contracting industry the world's 2nd largest, ranking behind those of China.[82][83][84]

Service sector[edit]

Transport[edit]

Main article: Transport in Turkey
Istanbul Atatürk Airport is the 13th busiest airport in the world.
Turkish Airlines, flag carrier of Turkey since 1933, was selected bySkytrax as Europe's best airline for four consecutive years in 2011, 2012, 2013 and 2014.[85][86] With 262 destinations worldwide, Turkish Airlines is the fourth largest carrier in the world by number of destinations as of 2014.[87]
As of 2009, there were 102 airports (90 with paved runways and 12 with unpaved runways) in Turkey, including the eight international airports in Istanbul, Ankara, İzmir, Trabzon, Dalaman, Milas-Bodrum and Antalya.[88]There were also 21 heliports in the country during the same year.[88] In 2010, there were 102 million airline passengers in Turkey. The number of airline passengers is expected to reach 120 million in 2011.[89]
The New (Third) Airport of Istanbul (Turkish: İstanbul Yeni (Üçüncü) Havalimanı) is a projected airport to be built in the Arnavutköy district of Istanbul, Turkey. The airport is planned to be the largest airport in the world with a capacity to serve 150 million passengers per annum, due to the inadequate capacity in the existing airports of Istanbul.[90] It will be the third international airport to be built in Istanbul.
The total length of the rail network was 10,991 km in 2008, ranking 22nd in the world, including 2,133 km of electrified track.[88] The Turkish State Railways started building high-speed rail lines in 2003. The first line, which has a length of 533 km from Istanbul (Turkey's largest metropolis) via Eskişehir to Ankara (the capital) is under construction and will reduce the travelling time from 6–7 hours to 3 hours and 10 minutes. The Ankara-Eskişehir section of the line, which has a length of 245 km and a projected travel time of 65 minutes, is completed. Trials began on April 23, 2007, and revenue earning service began on March 13, 2009. The Eskişehir-Istanbulsection of the line is scheduled to be completed by 2012, and includes the Marmaray tunnel which will enter service in 2012 and establish the first direct railway connection between Europe and Anatolia.Second high-speed rail line, which has length of 212 km between Ankara and Konya become operational in 2011.[91]
As of 2010, the country had a roadway network of 426,951 km, including 2,080 km of expressways and 16,784 km of divided highways.[92]
As of 2010, the Turkish merchant marine included 1199 ships (604 registered at home), ranking 7th in the world.[88] Turkey's coastline has 1,200 km of navigable waterways.[88]
In 2008, 7,555 kilometres (4,694 mi) of natural gas pipelines and 3,636 kilometres (2,259 mi) of petroleum pipelines spanned the country's territory.[88]

Communications[edit]

Main article: Communications in Turkey
Turksat is the primarycommunications satellite operator of Turkey, controlling the Turksat series of satellites. TÜBİTAK and Turkish Aerospace Industries have developedscientific observation satellites andreconnaissance satellites like the RASAT, Göktürk-1 and Göktürk-2.
As of 2008, there were 17,502,000 operational landline telephones in Turkey, which ranked 18th in the world;[88] while there were 65,824,000 registered mobile phones in the country, which ranked 15th in the world during the same year.[88] The largest landline telephone operator is Türk Telekom, which also owns TTNET, the largest internet service provider in Turkey. The largest mobile phone operators in the country are Turkcell,Vodafone Turkey, Avea and TTNET Mobil.
The telecommunications liberalisation process started in 2004 after the creation of the Telecommunication Authority, and is still ongoing. Private sector companies operate in mobile telephony, long distance telephony and Internet access. Additional digital exchanges are permitting a rapid increase in subscribers; the construction of a network of technologically advanced intercity trunk lines, using both fiber-optic cable and digital microwave radio relay, is facilitating communication between urban centers.[88] The remote areas of the country are reached by a domestic satellite system, while the number of subscribers to mobile-cellular telephone service is growing rapidly.[88]
The main line international telephone service is provided by the SEA-ME-WE 3 submarine communications cable and by submarine fiber-optic cablesin the Mediterranean Sea and Black Sea that link Turkey with Italy, Greece, Israel, Bulgaria, Romania, and Russia.[88] In 2002, there were 12 Intelsatsatellite earth stations; and 328 mobile satellite terminals in the Inmarsat and Eutelsat systems.[88]
Türksat A.Ş. is the primary communications satellite operator of Turkey, controlling the Turksat series of satellites. TÜBİTAK and Turkish Aerospace Industries have developed scientific observation satellites and reconnaissance satellites like the RASAT, Göktürk-1 and Göktürk-2.
As of 2001, there were 16 AM, 107 FM, and 6 shortwave radio stations in the country.[88]
As of 2008, there were 24,483,000 internet users in Turkey, which ranked 15th in the world;[88] while as of 2009, there were 2,961,000 internet hosts in the country, which ranked 27th in the world.[88]

Tourism sector[edit]

Main article: Tourism in Turkey
Ölüdeniz on the Turquoise Coast of Turkey, which is famous for its shades of turquoise and aquamarine, while its beach is an official Blue Flag beach, frequently rated among the top 5 beaches in the world by travelers and tourism journals alike.
Tourism is one of the most dynamic and fastest developing sectors in Turkey. According to travel agencies TUI AG and Thomas Cook, 11 of the 100 best hotels of the world are located in Turkey.[93] In 2005, there were 24,124,501 visitors to the country, who contributed $18.2 billion to Turkey's revenues, with an average expenditure of $679 per tourist.[94] In 2008, the number of visitors rose to 30,929,192, who contributed $21.9 billion to Turkey's revenues.[95] For 2011, the World Tourism Organisation (UNWTO) reported 34,654,000 arrivals and US$25 billion in receipts for Turkey.[96]According to the World Travel & Tourism Council, in 2012 travel and tourism made a total contribution of 10.9% to Turkish GDP and supported 8.3% of all jobs in the country.[97] Over the years, Turkey has emerged as a popular tourist destination for many Europeans, competing with Greece, Italy andSpain. Resorts in provinces such as Antalya and Muğla (which are located on the Turkish Riviera) have become very popular among tourists.

Financial sector[edit]

Bankalar Caddesi was Istanbul's financial center during the Ottomanperiod. Completed in 1892, the Ottoman Central Bank headquarters is the first building at right.
The Central Bank of the Republic of Turkey (Türkiye Cumhuriyet Merkez Bankası) was founded in 1930, as a privileged joint-stock company. It possesses the sole right to issue notes. It also has the obligation to provide for the monetary requirements of the state agricultural and commercial enterprises. All foreign exchange transfers are exclusively handled by the central bank.
Originally established as the Ottoman Stock Exchange (Dersaadet Tahvilat Borsası) in 1866, and reorganized to its current structure at the beginning of 1986, the Istanbul Stock Exchange (ISE) is the sole securities market of Turkey.[98] During the 19th and early 20th centuries, Bankalar Caddesi (Banks Street) in Istanbul was the financial center of the Ottoman Empire, where the headquarters of the Ottoman Central Bank (established as the Bank-ı Osmanî in 1856, and later reorganized as the Bank-ı Osmanî-i Şahane in 1863)[99] and the Ottoman Stock Exchange (1866) were located.[100] Bankalar Caddesi continued to be Istanbul's main financial district until the 1990s, when most Turkish banks began moving their headquarters to the modern central business districts of Levent and Maslak.[100] In 1995, the Istanbul Stock Exchange moved to its current building in the Istinye quarter.[101] The Istanbul Gold Exchange was also established in 1995. The stock market capitalisation of listed companies in Turkey was valued at $161,537,000,000 in 2005 by the World Bank.[102]
Until 1991, establishing a private sector bank in Turkey wasn't easy and was subject to strict government controls and regulations. On 10 October 1991 (ten days before the general elections of 20 October 1991) the ANAP government of Prime Minister Mesut Yılmaz gave special permissions to five prominent businessmen (who had close links to the government) to establish their own small-scale private banks. These were Kentbank (owned by Süzer); Park Yatırım Bankası (owned by Karamehmet); Toprakbank (owned by Toprak); Bank Ekspres (owned by Betil); and Alternatif Bank (owned by Doğan.) They were followed by other small-scale private banks established between 1994 and 1995, during the DYP government of Prime Minister Tansu Çiller, who introduced drastic changes to the banking laws and regulations; which made it very easy to establish a bank in Turkey, but also opened many loopholes in the system. In 1998, there were 72 banks in Turkey; most of which were owned by construction companies that used them as financial assets for siphoning money into their other operations. As a result, in 1999 and 2001, the DSP government of Prime Minister Bülent Ecevit had to face two major economic crises that were caused mostly by the weak and loosely regulated banking sector; the growing trade deficit; and the devastating İzmit earthquake of 17 August 1999. The Turkish lira, which was pegged to the U.S. dollar prior to the crisis of 2001, had to be floated, and lost an important amount of its value. This financial breakdown reduced the number of banks to 31. Prime Minister Bülent Ecevit had to call the renowned economistKemal Derviş to tidy up the economy and especially the weak banking system so that a similar economic crisis would not happen again.
Söğütözü business district in Ankara
At present, the Turkish banking sector is among the strongest and most expansive in East Europe, the Middle East and Central Asia. During the past decade since 2001, the Turkish lira has also gained a considerable amount of value and maintained its stability, becoming an internationally exchangeable currency once again (in line with the inflation that dropped to single-digit figures since 2003.) The economy grew at an average rate of 7.8% between 2002 and 2005. Fiscal deficit is benefiting (though in a small amount) from large industrial privatizations. Banking came under stress beginning in October 2008 as Turkish banking authorities warned state-run banks against the pullback of loans from the larger financial sectors.[103] More than 34% of the assets in the Turkish banking sector are concentrated in the Agricultural Bank (Ziraat Bankası), Housing Bank (Yapı Kredi Bankası), Isbank (Türkiye İş Bankası) and Akbank. The five big state-owned banks were restructured in 2001. Political involvement was minimized and loaning policies were changed. There are also numerous international banks, which have branches in Turkey. A number of Arabian trading banks, which practice an Islamic banking, are also present in the country.
Government regulations passed in 1929 required all insurance companies to reinsure 30% of each policy with the Millî Reasürans T.A.Ş. (National Reinsurance Corporation) which was founded on February 26, 1929.[104] In 1954, life insurance was exempted from this requirement. The insurance market is officially regulated through the Ministry of Commerce.
After years of low levels of foreign direct investment (FDI), in 2007 Turkey succeeded in attracting $21.9 billion in FDI and is expected to attract a higher figure in following years.[105] A series of large privatizations, the stability fostered by the start of Turkey’s EU accession negotiations, strong and stable growth, and structural changes in the banking, retail, and telecommunications sectors have all contributed to the rise in foreign investment.[citation needed]
In recent years, the chronically high inflation has been brought under control and this has led to the launch of a new currency, the "New Turkish lira", on January 1, 2005, to cement the acquisition of the economic reforms and erase the vestiges of an unstable economy.[106] On January 1, 2009, the New Turkish lira was renamed once again as the "Turkish lira", with the introduction of new banknotes and coins.
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