in

Economy of Turkey

Turkey is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Turkey may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Turkey exports around $167.6 billion and imports roughly $242.9 billion. 11.1% of population in the country are unemployed. The total number of unemployed people in Turkey is 9,092,773. In Turkey, 16.9% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Turkey is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 2.6% of GDP. The Gini Index of the country is 40.2. Turkey is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Turkey has a Human Development Index (HDI) of 0.759. Turkey has a high HDI score. This indicates that the majority of citizens will be able to attain a desirable life while providing substantial aid and assistance to citizens with lower living standards. The Global Peace Index (GPI) for Turkey is 2.363. The strength of legal rights index for Turkey is 3. Overall, it is considered to be rather inadequate – bancrupcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient.

Currency

The currency of Turkey is Turkish lira. There are several plural forms of the name ‘Turkish lira’. These are lire, liras. The symbol used for this currency is ₺, and it is abbreviated as TRY. The Turkish lira is divided into Kurus; there are 100 in one lira.

Credit rating

The depth of credit information index for Turkey is 7, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Turkey has a credit rating score of BB+, and the prospects of this rating are negative. According to the Fitch credit-rating agency, Turkey has a credit rating score of BBB-, and the prospects of this rating are stable. According to the Moody’s credit-rating agency, Turkey has a credit rating score of Baa3, and the prospects of this rating are negative.

Central bank

In Turkey, the institution that manages the state’s currency, money supply, and interest rates is called Central Bank of the Republic of Turkey. Locally, the central bank of Turkey is called Türkiye Cumhuriyet Merkez Bankası. The average deposit interest rate offered by local banks in Turkey is 16.8%.

Public debt

Turkey has a government debt of 35.5% of the country’s Gross Domestic Product (GDP), as assessed in 2013.

Tax information

The corporate tax in Turkey is set at 20%. Personal income tax ranges from 15% to 35%, depending on your specific situation and income level. VAT in Turkey is 18%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Turkey is $1514859 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Turkey was last recorded at $18 million. PPP in Turkey is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Turkey is 822,149 billion. Based on this statistic, Turkey is considered to have a large economy. Countries with large economies support a wide variety of industries and businesses, providing ample opportunities for investment. Large economies support a substantial financial sector, making it easy to organize investments and financial transactions. It should be very easy to find good opportunities for investment in Turkey. The Gross Domestic Product (GDP) per capita in Turkey was last recorded at $10 million. The average citizen in Turkey has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. 

Report

What do you think?

101 Points
Advocate

Written by Rick Rodriguez

Story MakerContent Author

Leave a Reply

GIPHY App Key not set. Please check settings

How To Keep Your Car Battery Alive During The Cold Weather?

Is Smoking Dangerous During Covid-19?