Across the world there are many emerging economies that provide excellent opportunities for businesses looking to invest in these countries. In the Middle East, there is one emerging economy that is of particular importance. The country of Turkey has the largest economy in the region and is in the process of accomplishing a major milestone. Soon, Turkey will enter the group of $1 trillion economies and with this major economic growth, Turkey is certainly considered a significant emerging economy.
Turkey’s strategic location is an important key for its economic success and political prominence in the Middle East. Serving as a bridge from Europe to Asia, Turkey is a chief center for commerce, finance, and industry. Many of Turkey’s cities are industrializing at a rapid rate and are now participating in the global economy due to Turkey’s excellent location for business and trade. According to the CIA world Factbook, Turkey is considered a newly industrialized country (NIC) with huge potential.
Currently, Turkey is ranked as the 15th largest economy in the world by the World Bank. There are multiple factors that account for Turkey’s rise in economic size. The international trade area of Turkey’s economy has had huge success in integrating Turkey to the global economy. Between 2000 and 2007, total trade volumes rose by 19.2% annually allowing great economic expansion. Turkey’s secular representative parliamentary democracy made the growth of a free-market in Turkey possible. This separates Turkey from many other countries in the Middle East. The growth of Turkey’s economy and the potential it holds has got the attention of entrepreneurs looking for future places of investment.
To find out where Turkey ranks among other emerging markets and whether it’s the right international market for your business, read this month’s globalEDGE Newsletter about the Market Potential Index.