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Analysis Of The Turkish Economy

5870 words - 23 pages

IntroductionWith the recent discussions being made by the European Union about the upcoming introduction of Turkey in the Union, an opportunity has been given for the analysis of the Turkish economy in order to evaluate the path that the economy is taking.Turkey is a country of Eastern civilization, ideology and religion which has been trying to bring it's social, political and economical way of conduct up to par of the Western, European ideology. Since Turkey has a long history and strong Muslim beliefs, it has been a rather hard task to change the way the Turks think and act within their society. Despite that, a strong effort has been made both on behalf of the Turkish government and the Turkish people in order to change Turks act and think so that they start becoming a bit more of Western ideology and school of thought.This assignment has as main goal to analyze and point out the economic development of Turkey throughout the past 4 years (on average) by analyzing economic figures such as Public Debt, Exports vs. Imports (where most of the weight of the project has been given), Currency, Employment, Inflation, GDP, Growth Rates and Social - Cultural Factors which have changed in Turkey.Turkey's Economy along the YearsEmploymentAnalyzing the diagrams below, one can notice the substantial drop in the unemployment rate, with a proportionate increase in the labor force. The increase in the country's productivity seems to have immediate results on the decrease of the unemployment rates and the substantial increase in the labor force which is rapidly increasing.InflationAs we can see below, not including the figures of the year 2000, there is a constant decrease of the inflation rate which gives Turkey very positive prospective for entry to the European Union Community. Turkey is giving very positive figures of a country which is growing and moving into a healthy - looking economy.Turkish Foreign Trade 1990 - 2005From the beginning of 1980's, Turkey changed its economic development policy from import industrialization to export growth strategy. Their economy started to open up to world trade by promoting incentives like tax exemptions and favorable credit terms, direct import controls and eliminate quantity restrictions. Governmental intervention has been also reduced and as a result of these efforts, Turkey has increased its share from the world market from 0.15% in 1980 to 0.6% in 2003. It also managed to increase its export from 2.9 billion$ to 63 billion$. This rapid increase of Turkey's exports is mainly a result of the increase of agricultural products and raw materials as well as of transportation vehicles and office equipment.The Turkish foreign trade has improved steadily since 1980. The volume of foreign trade has increased from 8.6 percent of the GNP in 1970 to 23, 4 percent in 1990 and 54, 7 percent in 2004. Exports on the other side have been increased also since 1970. In 1990, exports were 13 billion and rose to 21.6 billion in 1995 and...

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