Lying partly in Europe and partly in Asia,
Turkey is a beautiful country that has ethnic links to the empires of Ottoman,
Persian, Greek, Roman and Byzantine. It is a developed country with its capital
at Ankara and it has an emerging market. It ranks 17th in the world
in terms of nominal GDP and 13th in GDP by PPP
(Purchasing Power Parity). It is the founding members
of G-20 major economies and Organisation for Economic
Co-operative and Development. In the list of top 100 billionaires
of Turkey (Forbes List) 21 are women. Labour force participation
for the year 2018 is 52.2% while the
employment rate is 46.6%. Undergoing Projects Istanbul New Airport which
will be complete by 2030 will be one of the biggest
airports in the world. Kanal Istanbul which is due
for opening in the year 2023 will change the face
of waterway of Turkey. Finance One of the targets of Turkish
administration is to transform Istanbul into an important
financial sector by 2023. Banking accounts for 70% of the
financial services in Turkey. There are 51 banks out of which
33 are deposit banks, 13 are development and investment banks
and 5 are participation banks. 21 banks out of the 51
hold foreign capital and 30% assets are held for
foreign investors. Agriculture Agriculture is an important
part of the Turkish economy. For the past 15 years their exports
total up to $193.4 billion while their agricultural imports
total to $189.4 billion. Hazelnuts, cherries, pomegranates, quinces,
figs, tomatoes, watermelons, lentils, pistachios, chickpeas, cucumbers, olives and
onions are some of their biggest produces. It is one of the top
suppliers of vegetables and fruits to the
European Union. Transport There are 35 international airports
and 22 domestic airports in Turkey. Military bases count to 25. The Turkish Airlines is
among the largest carrier’s in the world in terms
of countries served. Turkey is known for its four-lane
highways and from the 31,106 km roadway system 19,790 km is only four-lane
highways – data based on 2017. The country has 1,200 km of navigable waters
and their merchant marine include 1,285 – container ship 50, bulk carrier 78, oil
tanker 121, general cargo 432 and others 604. Telecommunications Turk Telecom is the largest
landline provider. The largest internet service provider is
TTNET which is owned by Turk Telecom. Leading mobile operator
providers include Turkcell, Avea, Vodafone
Turkey and TTNET Mobil. Tourism Foreign arrivals grew by
39% in 2018 in Turkey. The direct contribution of Travel and
Tourism to GDP is predicted to grow by 4.9% per annum to Turkish New Lira
144.3 billion (4.8% of GDP) by 2027. Turkish Currency and Debt Crisis, 2018 Presently the nation is
facing a currency and debt crisis because of
financial contagion. Their current deficits were $7.1
billion in the month of January, 2018. The loans taken have been defaulted. Their 12 month rolling deficit
is $51.6 billion which is one of the largest current
account deficits in the world. The value of Turkish Lira has gone down. The nation is facing high inflation.

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