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Life Expectancy at Birth, years
Türkiye is the 19th largest economy in the world, with a GDP of roughly $906 billion. 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 2006 and 2017 that propelled the country to the higher reaches of upper-middle-income status and reduced poverty. The share of people below the $6.85 per day poverty line nearly halved to 9.8 percent between 2006 and 2020.
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.
In an extension of the strong COVID-19 pandemic recovery, the economy grew at 5.6 percent in 2022. However, the economy has been losing momentum amidst a deteriorating external environment and heterodox monetary policies. Two devastating earthquakes struck on February 6th, 2023: beyond the human tragedy, physical damage in 11 provinces accounting for 16.4 percent of Türkiye’s population and 9.4 percent of its economy. Direct losses are estimated at $34.2 billion, but the reconstruction needs could be double. The earthquakes added pressures to an increasingly fragile macro-financial situation. Pre-election spending and reconstruction efforts are expected to support growth, which is forecast at 3.2 percent in 2023 and 4.3 percent in 2024.
Last Updated: Apr 10, 2023