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Investigation of the state of Turkish economy
Investigation of the state of the Turkish economy in 2019
Turkey’s GDP per capita is still growing and competing with the world’s more advanced economies. Despite a series of negative shocks, including severe geopolitical tensions on the southeastern border and an attempted coup in 2016, the country’s GDP growth averaged nearly 7% from 2010 to 2017, which puts the situation for Immigration to Turkey is good.
Despite the proliferation of informal, low-productivity activities, especially in the agricultural sector, labor productivity has exceeded many of the EU’s attractive economies. These statistics show the strong and powerful performance of a dynamic, albeit dispersed, business sector. Despite the dynamic job creation and growing labor force above 3% per year, the employment rate of the working-age population remains as low as possible.
Turkey has a 5% growth rate, but a 30% drop last year raised inflation and interest rates, while domestic demand declined. The central bank has since cut rates to revive activity. The government forecasts 5% growth next year, and Turkish Finance Minister Brat Albayrak wrote on Twitter that key indicators for the fourth quarter show growth momentum is still rising and migration to Turkey can still be thought of. .
But economists say achieving the government’s goal can be difficult. “The main thing for me is that there is still not much confidence in households and companies,” said Peter Matisse, an emerging market strategist at Rabo Bank. He said authorities need to make significant progress in economic reform to restore confidence among investors and locals, so far more efforts have focused on short-term solutions.
Economic growth in Turkey
Third quarter growth was driven by agriculture, which expanded 3.8%, while industry grew 1.6% and services grew 0.6%. However, the construction sector, which has backed years of strong economic growth in Turkey, has declined 7.8 percent. Turkey’s economic and social development performance has been impressive since 2000, leading to increased employment, income and conversion. Turkey has become a high-income country, which is considered a privilege to migrate to Turkey. However, growing economic vulnerabilities as well as a challenging external environment are undermining these gains and threatening the Turkish economy.
For a long time since 2000, Turkey has pursued long-term focus in many areas to implement its ambitious reforms and has targeted government programs for vulnerable groups and deprived areas. Poverty was more than half that of 2002 to 2015, but severe poverty declined rapidly. In the meantime, Turkey, whether urban, maintains strong macroeconomic and financial policy frameworks, open to foreign trade and finance, aligns its laws and regulations with those of the European Union (EU) (and broad access to public services). Has expanded dramatically and has also been relieved of the global crisis of 2008-2009. However, in many areas in recent years, economic reforms have slowed down, leading to numerous economic vulnerabilities, Some of these upgraded economic developments have been reversed, but there are still benefits to be made He migrated to Turkey.
Due to rising inflation and unemployment rates, investment in contracting, increasing vulnerability of economic and financial companies and stalled implementation of corrective policies and reforms, the country’s economic outlook remains unreliable. Put the usual limit. Also, due to weakening relations with some of its major trading partners, ongoing geopolitical tensions in the region, global trade tensions, and fears of a global recession, it has created significant external barriers to furthering its economic development goals.
The Turkish economy and its figures
Turkey’s economic freedom score is 64.6, making it the 64th economic freedom index in 2019. Its overall score dropped by 0.8 points, with the rankings lower than the average increase in freedom of trade and freedom of work, Turkey ranks 33rd out of 44 countries in the European region, with lower overall scores. Above the regional average but above the global average.
The political turmoil caused by the transfer of power has paved the way for the economic reforms needed to improve the business and investment climate. However, the Turkish economy has shown considerable flexibility due to its public finances, a well-established banking sector, dynamic business sector and diversified private sector.
Critical challenges in this country
Critical challenges in the country include lack of transparency in government as well as erosion of the rule of law. The justice system is severely disrupted and politically impenetrable. Despite the challenges, immigration to Turkey is still the way many people in our country think.