Türkiye has a free market economy in which competition rules are enforced, the private sector plays a leading role in the economy, and the public sector has a regulatory role. A liberal foreign trade policy is implemented, and goods and services can be exchanged freely among individuals and institutions.
In recent years, significant emphasis has been placed on structural reforms in the economy. During the previous period, the privatization process was accelerated, public finance was reorganized, and major reforms were carried out in sectors such as financial markets, agriculture, health, social security, energy, transportation, and communication.
Economic development
Ranked as the 17th largest economy in the world and the 7th in Europe, Türkiye is an active member of the G-20, which represents the world’s strongest economies (World Bank, 2025). According to the MediumTerm Program (2025–2027), Türkiye aims to achieve a growth rate of 4% in 2025, 4.5% in 2026, and 5% in 2027 (Presidency of Strategy and Budget, 2024).
Foreign Trade
Since the 1980s, Türkiye has pursued a trade-oriented growth policy. Through implemented economic reforms, import restrictions have been lifted, protectionist policies have been reduced, and foreign exchange transactions have been liberalized. As a result of the economic reforms carried out in recent years, the volume and structure of foreign trade have changed significantly. In 2024, Türkiye’s trade volume reached 606 billion USD, while exports amounted to 261.9 billion USD (Ministry of Trade, 2024).
Tourism
With its geography, Türkiye is home to coastal tourism and rich historical heritage. It also possesses strong infrastructure in various areas such as health tourism, cultural tourism, faith tourism, sports, hunting, highland, and congress tourism. In 2024, tourism revenue in Türkiye increased by 8.3%, reaching 61.103 billion USD (Tourism Statistics, 2024). The number of visitors rose by 9% compared to the previous year, reaching 62.2 million people in 2024 (Tourism Statistics, 2024).
Monetary Policy
The monetary policy implemented in Türkiye has played a significant role in achieving macroeconomic balance and in controlling inflation over the past decade. In 2024, the consumer price index stood at 44.38% (Presidency of Strategy and Budget, 2024).