Is Turkey a Rich Country?

Is Turkey a Rich Country?

Turkey is a Eurasian country which has diversity in people, landscapes, climate, and area unlike the rest of the middle eastern countries which have the same landscape, people and climate throughout the entire year. So, if these were the benchmarks of being rich, then, definitely it is. But coming to the financial capabilities, infrastructure and development of Turkey, we would say it is an upper middle-income country.

How Economic Status of Turkey Grow?

Before some years, Turkey went through a lot of economic crises like high debt, high inflation, rising borrowing costs and loan defaults. After all this, Turkey has emerged with flying colors with leading increasing income and employment rates. With the government, foreign policies made such that it welcomes the foreigners to come and invest in their country and inspire a young country with more than 80 million youth.
With poverty rising dramatically after 2002, Turkish government has urbanized their main cities dramatically with their macroeconomic and fiscal policies that went hand in hand with the EU laws. Not having any gold or petrol reserves, Turkey has an abundance of large markets that sell all the types of Turkish products like spices, rugs, ceramics etc. Unlike their Middle Eastern neighbors, Turkey has beautiful landscapes that are ready for being the next vacation spots and a tax haven spot to spend the rest of their retirements in a warm environment.

Development of Turkey

The Turkish government has started building dams and spends billions of euros in the development of the country. Thus, giving companies benefits that have never been seen before, like high tax cuts when they invest in their country. Turkey is a pioneer in industrial development as it has progressed in the areas of textile, automotive, defense and steel and iron industries. Its exports are mostly to the richest countries like the US, UK, Germany and Italy which brings above 180 billion dollars in the country almost reaching their imports.
All we can know from here is that Turkey is a rich country among the fastest developing nations. It predicts a bright future to the foreigners that invest there.