For Arcelik, any cost advantages from a weaker lira are canceled out by the reduced buying power of consumers in Turkey, which remains an important market. Turkey still has underlying strengths, Mr. Bulgurlu said, including a strong work ethic and a young population eager to consume. Turkey’s largely free-market and diversified economy is driven by its industrial and service sectors, but traditional agriculture still accounts for about 25 percent of employment. Turkey is a constitutionally secular republic, but President Recep Tayyip Erdogan’s Justice and Development Party (AKP) has pushed an Islamist agenda and eroded democracy. The total value of exports and imports of goods and services equals 60.4 percent of GDP. Arcelik also provided ventilators for field hospitals at refugee camps along Turkey’s border with Syria. Corruption, including money laundering, bribery, and collusion in the allocation of government contracts, remains a major problem even at the highest levels of government. If you continue to use this site we will assume that you are happy with it. For an in-depth overview of Turkey’s energy sector click on the button below. The declining buying power of the lira is one reason it has been losing value against other currencies. Earthquakes in the Marmara region (İzmit, 1999) and in Van (2011) have revealed the extent of corruption in the construction sector, the lust for money, and the lack of effective and genuine government supervision, as well as the poor quality of construction. Recently, Turkish armed forces have behaved aggressively in the Mediterranean toward France and Greece, which are NATO allies. Finally, Maffia-like economic structures are extremely powerful in some fields, such as cross-border trade and sectors in which subcontracting is important. Turkey, country that occupies a unique geographic position, lying partly in Asia and partly in Europe and serving as both a bridge and a barrier between them. The average applied tariff rate is 3.5 percent, and 335 nontariff measures are in force. You learn how to deal with crises.”. Turkey has become a transit hub for Afghani and Iraqi immigrants and sometimes African immigrants bound for Europe. © 2020 by The Heritage Foundation. The lira rose after Mr. Erdogan announced last week that Turkey had discovered a major gas field in the Black Sea, but the rally was short lived. See how Turkey compares to another country using any of the measures in the Index. It was one of the ways that Mr. Bulgurlu and other members of Turkey’s battered entrepreneurial class have adapted to the country’s volatile economy. Turkish industry employs 19.9 percent of the labour force; its major industries are steel/metallurgy, textile and clothing, petroleum products, food, and automotive. When the pandemic hit, Arcelik adapted its manufacturing operation to produce 5,000 ventilators, which the company donated to countries unable to afford the lifesaving equipment. Turkey’s economic fate has geopolitical ramifications. “That’s a principle we adopted a long time ago. Is Rapidly-Growing Turkish Airlines the New Rival to Be Feared by Middle East’s Big Three––Emirates Airline, Etihad Airways, and Qatar Airways? Trade and Banking Turkey remains highly dependent on imported oil and gas but is pursuing energy relationships with a broader set of international partners and taking steps to increase use of domestic energy sources including renewables, nuclear, and coal. A maritime country par excellence, Turkey has many ports, on the Black Sea (Rize, Trabzon, Giresun, Ordu, Samsun, Zonguldak) and on the Mediterranean (Dörtyol, Iskenderun), as well as Istanbul (on the Bosporus) and Izmir (on the Aegean). “I’m a believer in Turkey,” he said in an interview. “We hedge everything. But Mr. Bulgurlu said the company had enough revenue in euros, a currency that has been gaining in value against the dollar, to cover its dollar debts. According to data released by the Turkish Statistical Institute in March 2019, this was the result of a sharp contraction experienced during the previous quarter, which amounted to 3 per cent as a result of the decline in the value added of the construction sector by 8.7 per cent, the industrial sector by 6.4 per cent, the agricultural sector by 0.5 per cent and the services sector by 0.3 per cent. Investments in the road and air sectors will continue in the coming decades, but, according to the Ministry of Transport, it appears that the Erdoğan government wishes to rebalance its policy in the infrastructure sector and construct at least 10,000 kilometres of high-speed railways, with the help especially of Chinese companies.
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