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Turkey: Outlook
Country Study > Chapter 3 > The Economy > Outlook


Regionally, Turkey faces a host of potential political and security threats, largely as a consequence of the end of the Cold War and conflicts in the Middle East, which have forced the government to devote extensive resources to the military. Also, Turkey's attempts to forge regional cooperation arrangements and exploit economic opportunities have been largely stillborn. Strong nationalist sentiment at home, combined with a poor human rights record, also contributes to an uncertain domestic economic future. The Kurdish insurgency has taken its toll on government resources and foreign confidence. Turkey's long-standing attempt to integrate its economy into that of Europe has been jeopardized by the opposition of European governments to Turkey's incursion into Iraq in late 1994 and its repression of its Kurdish population.

Despite setbacks, the steady liberalization of the economy and integration into the world economy begun by former President Özal has continued without interruption. Turkey's trade sector accounts for a growing proportion of GDP, and foreign funds are a major source of investment. Despite crises in mid-1994 such as the devaluation of the currency, the stock market crash, and a number of bank failures, Turkey has been designated a major emerging market by the main international financial centers. And because a large proportion of foreign investments has gone into industrialization, most observers have expressed confidence in the economy and the government's ability to steer it carefully toward the objective of making Turkey a major regional and international industrial power.The OECD's annual economic survey, Turkey, is an authoritative and readily available summary of the Turkish economy that includes up-to-date statistical tables. The International Energy Agency's Energy Statistics and Balances of OECD Countries provides energy sector data on Turkey. Economic data on Turkey can also be found in the publications of the World Bank and the International Monetary Fund.

The Turkish weekly journal Briefing provides insightful, lively, and independent analysis of the Turkish economy. Among non-Turkish journals, regular economic and political coverage can be found in the Financial Times, Middle East Economic Digest, and the Economist Intelligence Unit's annual Country Profile: Turkey . The Middle East Journal and Middle East Report offer in-depth articles on Turkey. Three excellent books on Turkey that include discussion of the economic and political consequences of structural adjustment are Ziya Onis and James Riedel's Economic Crises and Long-Term Growth in Turkey, F.T. Nas and Mehmet Odekon's Liberalization and the Turkish Economy, and The Political and Socioeconomic Transformation of Turkey by Atila Eralp et al. (For further information and complete citations, see Bibliography.)

Data as of January 1995

Last Updated: January 1995

Editor's Note: Country Studies included here were published between 1988 and 1998. The Country study for Turkey was first published in 1995. Where available, the data has been updated through 2008. The date at the bottom of each section will indicate the time period of the data. Information on some countries may no longer be up to date. See the "Research Completed" date at the beginning of each study on the Title Page or the "Data as of" date at the end of each section of text. This information is included due to its comprehensiveness and for historical purposes.

Note that current information from the CIA World Factbook, U.S. Department of State Background Notes, Australia's Department of Foreign Affairs and Trade Country Briefs, the UK's Foreign and Commonwealth Office's Country Profiles, and the World Bank can be found on

Turkey Main Page Country Studies Main Page

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