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Is Turkey a rich country? That is a question wondered by most investors all around the world. In this article, you will find the answer to your question.
Is Turkey a Rich Country?
Turkey is a Eurasian country that 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 Has The Economic Status of Turkey Grow?
In the past 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’s incentives and strong foreign policies, Turkey welcomes foreigners to come and invest in their country and inspires a young country with more than 80 million youth population.
With poverty rising dramatically after 2002, the Turkish government has urbanized their main cities dramatically with their macro-economic 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 Turkey’s Middle Eastern neighbors, Turkey has beautiful landscapes that are ready for being your next vacation spot and a tax haven to spend the rest of your retirement in a warm environment, or you can choose to invest in Turkey.
If you are considering investing in Turkey, be sure to get help from an experienced law firm in Turkey.
Development of Turkey
The Turkish government has started building dams and spends billions of euros on 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, defensive military, and steel and iron industries. Turkey’s exports are close to the richest countries like the US, UK, Germany, and Italy, brings above 180 billion dollars in the country. All we can learn from this article is that Turkey is a rich country, and is among the fastest developing nations. Turkey demonstrates a bright future to the foreigners that are considering investing there.