Turkey is a country at the crossroads in many ways. It has always been at the centre of the crossroads which divides Europe from Asia which gives the country enormous geo-political significance. It is also a crossroads economically and politically. The past couple of decades have seen Turkey attempt to move from an economy mainly dependent on agriculture and manufacturing to an economy which is much more diversified with a burgeoning high-end tech sector.
For years Turkey has been seeking acceptance as a member of the European Union and has tried to implement the necessary reforms to make this dream a reality. However, with little progress having been made on this front Turkey has started to align itself much more visibly with its powerful Russian neighbour which has in turn brought heightened tension into its relations with Europe and the USA. How these geo-politics might play out in the coming years may well determine its future economic prosperity and the growth prospects of the economy.
Putting these considerations aside, there are many reasons why you should consider doing business in Turkey. Turkey’s economy has performed relatively well over the past few years with growth rates remaining high and several key economic indicators remaining stable. It is projected that Turkey will be the 12th largest economy in the world by 2050 and much of that growth will be fuelled by the increasingly affluent middle-class element in this country with a population of around 81 million people.
It is definitely worth considering doing business in Turkey as it is a market with great potential. It is also worth looking into the challenges that can be encountered this country profile outlining key Turkish characteristics in business should be helpful on your journey.
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This World Business Culture profile is designed as an introduction to business culture in Turkey only and a more detailed understanding needs a more in-depth exploration which we can provide through our training and consultancy services.