Turkey has emerged as one of the so-called developed countries, opening up new opportunities for international trade and international relations. As a result of these changes, the number of foreign investments in the country’s economy has increased. Currently, Turkey has over 6,000 registered startups, which are actively attracting foreign investors. Six of these startups receive annual investments of over $1.5 billion. Additionally, a crowdfunding platform called Fonbulucu has been launched, leading to a record number of investment funds in the country. In 2022, foreign investors have invested over $11 billion into the Turkish economy, and this year, the Turkish startup ecosystem has secured the 10th position in Europe in terms of investment inflow.
The flow of tourists has increased, contributing to further growth in the tourism business: according to the World Tourism Organization, Turkey was visited by over 30 million people in 2021, placing the country in 4th position in the global ranking for this indicator. The real estate market has experienced significant growth, partly due to the influx of citizens from Russia and Ukraine who are changing their place of residence.
The purchasing power of the population has significantly increased: according to the World Bank and IMF, the country has risen from 20th to 11th place in the global ranking for this indicator. By 2023, the per capita income level in terms of purchasing power parity (PPP) is expected to reach $41 per person, which is almost four times higher than the 2022 figures ($11).
When discussing the structure of the country’s economy, it is important to highlight the tertiary sector, which accounts for over 50% of the overall volume. This sector primarily includes tourism, as well as telecommunications and financial enterprises. The industrial sector takes second place, representing 31.07% and includes industries such as machinery manufacturing, which accounts for about 15% of total export goods. It is worth noting that the country is not only involved in automobile production but also exports machinery products, clothing, steel products, electrical appliances, and high-tech products. The agricultural sector is also well-developed in the country.