“ The transcontinental nation, bridging Asia and Europe, has become an important manufacturing and distribution hub.”
According to the World Bank, Turkey is the 17th largest economy in the world with a GDP of US $ 1.32 trillion, as of 2024. It is a member of the OECD and the G20 and an increasingly important donor of official development assistance( ODA).
The transcontinental nation, bridging
Asia and Europe, has become an important manufacturing and distribution hub. It has a large and relatively strong and diversified economy with strengths in manufacturing, agriculture and tourism. Turkey is classified as an upper-middle-income country by the World Bank. However, the country’ s distinct geographic and socioeconomic conditions significantly increase its vulnerability to the adverse effects of climate change( including earthquakes).
Early adopters of advanced manufacturing in Turkey include the automotive and aviation industries, both dominated by major international companies with various local suppliers. Many international companies in Turkey also serve the Eurasian, Middle Eastern and North African markets. According to analyst Focus Economics, the Turkish market is characterised by a strong private sector, significant state involvement in key industries and an emerging market status.
The country experienced robust economic expansion of 4.5 % in 2023 that moderated slightly to 3.2 % in 2024
Meeting new challenges
HANDS ACROSS THE OCEAN
Economic forecasts, challenges, opportunities and machinery market trends for Turkey all come under the spotlight.
“ Turkey enjoyed high growth rates between 2006 and 2017 supported by ambitious reforms, propelling the country to upper-middle-income status. Real GDP growth averaged 5.4 % between 2002 and 2022, doubling income per capita( in real terms). Moreover, growth was accompanied by rapid poverty reduction: the poverty rate decreased from above 20 % in 2007 to 7.6 % in 2021,” commented the World Bank in April 2025.
“ However, for Turkey to preserve and further its progress, it must navigate through significant challenges. Key among these is revitalising economic growth in a post-COVID era marked by a challenging macroeconomic climate and a downward trend in productivity observed since the mid-2010s. Furthermore, although economic expansion has continued, the reduction in poverty rates has lost momentum since 2016, hindered by increasing inequality, highlighting the need for
Istanbul, Turkey.
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Image: Thomas George, Unsplash.
32 | ismr. net | ISMR July / August 2025