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Overview

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Türkiye 

2021

Population, million

84.1

GDP, current US$ billion

720.0

GDP per capita, current US$

9,626.1

Life Expectancy at Birth, years

77.7

With a GDP of roughly US$720 billion, Türkiye is the 19th-largest economy in the world. It is a member of the OECD and the G20, and an increasingly important donor of Official Development Assistance. 

Türkiye pursued ambitious reforms and enjoyed high growth rates between 2002 and 2017 that propelled the country to the higher reaches of upper-middle-income status and reduced poverty. The share of people below the US$5.50 per day poverty line fell by three quarters to 8.5 percent between 2002 and 2018.

However, productivity growth has slowed as reform momentum has waned over the past decade, and efforts have turned to supporting growth with credit booms and demand stimulus, intensifying internal and external vulnerabilities. High private sector debt, persistent current account deficits, high inflation, and high unemployment have been exacerbated by macro-financial instability since August 2018. 

The Government’s economic policy response to COVID-19 was swift but focused on loose monetary policy and rapid credit expansion. This supported economic activity — Türkiye’s economy was one of the few in the G20 and OECD to experience growth in 2020—but also fueled inflation, which is expected to be close to 20 percent in 2020.

The COVID-19 crisis has also deepened gender gaps and increased youth unemployment and the poverty rate. The risk of inequalities has also been increasing. The pandemic is expected to have severely negative consequences for Türkiye, further weakening economic and social gains.

Last Updated: Oct 10, 2022

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Ankara, Türkiye
Ugur Mumcu Cad. No:88 2nd Floor,
+90 312 4598300