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Turkey Snapshot - PESTLE, SWOT, Risk and Macroeconomic Analysis report is designed to provide in-depth information about Turkey including it’s PESTLE (political, economic, social, technological, legal and environmental), SWOT (Strengths, Weaknesses, Opportunities and Threats) and country risk analysis backed by macroeconomic data
Turkey, officially the Republic of Turkey, is a contiguous transcontinental country, located mostly on Anatolia in Western Asia, and on East Thrace in Southeastern Europe. Turkey is bordered by eight countries, Bulgaria to the northwest; Greece to the west; Georgia to the northeast, Armenia, Iran and the Azerbaijani exclave of Nakhichevan to the east, and Iraq and Syria to the southeast. The Mediterranean Sea is to the south; the Aegean Sea is to the west, and the Black Sea is to the north. Turkey is a democratic, secular, unitary, constitutional republic with a diverse cultural heritage.
Turkey had population of 84.68 million in the year 2021 and expected to reach 90.46 million by 2027, growing at a CAGR of 1.11%.
Turkey’s real gross domestic product (GDP) was TRY 1803.90 billion in 2020 and while recovering from the COVID-19 impact it increased by 9.90% to be around TRY 2002.08 billion in 2021. It is further expected to increase by 3.23% and reach TRY 2422.66 billion by 2027.
Turkey’s unemployment rate was 13.147% of total labor force in 2020. It is expected to decrease at a CAGR of 3.16% and reach 10.5% by 2027.
Turkey’s per capita GDP was USD 9527.68 whereas purchasing power parity (PPP) based per capita GDP was USD 34,755.24 for the year 2021.
In 2021, Turkey government’s revenue was TRY 2005.97 billion whereas the expenditure was TRY 2256.84 billion. This resulted in Turkey government’s net lending / borrowing negative at TRY 250.869 billion in 2021 indicating that not enough financial resources were made available by the Turkey government to boost economic growth.
The current account balance for Turkey was negative at USD 14.887 billion for the year 2021 and is expected to decrease at a CAGR of 2.98% and reach negative USD 17.752 billion by 2027. This negative current account balance indicates that Turkey will remain a net borrower from the rest of the world till 2027.
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