Reasons for the recovery of the Turkish economy

In this article, we will talk about the reasons for the recovery of the Turkish economy. If you are interested in that, keep reading.

Turkey is one of the emerging countries that enjoy remarkable rapid economic growth, and some progress has been made in this regard, as the Turkish markets witnessed remarkable activity during the last period, and confidence began to return to investors and dealers in the financial markets.

What are the reasons for this economic recovery in Turkey and how will the country's financial situation improve? We will talk about it in today's article.

The economic conditions improved in 2022

The year 2022 is considered a year full of positives for the Turkish economy and it witnessed a tangible improvement in all sectors, which resulted in positive results in the structure of the Turkish economy.

Well-thought-out government decisions also played an important role in this economic growth, as they directed in the recent period to support vital sectors and create an investment climate attractive to foreign funds.

The improvement of economic conditions in Turkey comes as a result of the great efforts made by its governments over recent years, as well as due to the continued influx of international investors and companies into the Turkish market.

Implementation of giant projects to revitalize the Turkish economy

The Turkish government is investing in the implementation of giant projects to revitalize the Turkish economy, through many projects that will support economic growth in the country and among these projects include the Istanbul Canal Project, the Istanbul Third Airport, and the High Speed Railway Project, in addition to many other projects that aim to improve infrastructure and reduce traffic congestion.

The government is focusing on providing all necessary support for these projects to ensure that they contribute to the economic rehabilitation of the affected cities well and to ensure the continuity of development in other regions of the country and these projects reflect the government's ambitious vision for sustainable and future economic growth for Turkey.

Increasing domestic and foreign investments

The country witnessed a significant increase in the number of foreign companies that decided to invest in Turkey, which led to the creation of new job opportunities and increased productivity.

The matter is not limited to foreign investments only, as Turkey has witnessed a significant increase in domestic investments as well, thanks to the government's encouragement of local investors by providing them with the necessary support and facilities.

The role of the private sector in this cannot be denied, as the private sector has worked seriously to support the Turkish economy and provide job opportunities, which has led to continuous growth for the country and a significant revitalization of its economy.

Enhancing exports and expanding trade markets

The Turkish economy seeks to boost exports and expand its trade markets as part of its strategy to achieve sustainable growth and achieve its goal of becoming an economically developed country.

Turkey relies on its main sectors such as military industries, electronics, petrochemicals, clothing, jewelry, mining, food and agriculture to expand exports and open new trade markets.

Turkey is focusing on adopting and developing modern technology in its main industries to maintain its international competitiveness and gain a cost advantage in exports, as Turkey strengthens its current trade markets and expands its trade networks in emerging countries to enhance exports and achieve economic growth in the long run.

Achieving financial balance and improving financial conditions

The focus is on clear solutions to achieve financial balance and improve financial conditions in Turkey and important reforms have been implemented to transform the Turkish economy and achieve a sustainable fiscal budget.

Among the important measures taken by the government are increasing taxes and improving the quality of public spending, and an initiative has been launched to attract the largest number of foreign investments to pump more money into the developing Turkish economy.

These measures aim to support internal and external investments and healthy financial conditions for the government, thus enhancing business productivity and increasing job opportunities.

To achieve fiscal balance and maintain strong economic growth, the Turkish government will need to continue implementing its important reforms and attract more investment.

Lower interest rates and inflation

Turkish President Recep Tayyip Erdogan seeks to lower interest rates to stimulate domestic investment and support export-oriented sectors, although this decision leads to an increase in inflation and a decline in the value of the Turkish lira, the government hopes to attract foreign investment and promote economic growth.

The Central Bank of Turkey works to reduce inflation by increasing interest rates on deposits and controlling the flow of money in the economy and the government hopes that this will lead to an improvement in the Turkish economy and boost confidence in the local currency.

Ongoing economic reforms and supportive government measures

The government is conducting many ongoing economic reforms to improve the economic climate in the country and stimulate economic growth and these reforms ensure simplification of procedures, liberalization of the economy, encouragement of investments and privatization and through these steps, economic activity is stimulated and confidence in the Turkish economy is enhanced.

A clear focus is placed on government measures supporting economic growth, which include improving the business environment, developing the country's infrastructure, and providing access to markets.

These measures require investments in infrastructure, job creation, grants and the necessary financing needed by small and medium investors and the positive result of these government steps is to stimulate the growth of companies and improve the overall economic situation of the country.

Improving the business environment and increasing trust between the private sector and the government

Improving the business environment and increasing trust between the private sector and the government comes with the reforms and structural transformations introduced by President Recep Tayyip Erdogan.

Among these reforms is cutting protectionist measures that focus on slowing economic growth and investment was stimulated by improving investment laws and facilitating their procedures, stimulating innovation and entrepreneurship, and strengthening public-private and archival partnerships.

The Ministry of Technology and Industry had announced several economic plans and initiatives, and its programs were strengthened in cooperation with private companies in supporting research, development and entrepreneurship projects.

These reforms and measures are expected to help enhance mutual trust between the government and private enterprises and improve the work environment.

Apply the principles of innovation and modern technology in the economy.

Turkey established a general system for innovation and technological development in all economic fields and the Turkish government is working to encourage research and development, and to employ the best minds and experiences in modernizing the national economy.

Robotic technology, artificial intelligence, neural internet, and modern medical technology are among the areas of focus.

By improving the infrastructure and developing technology, Turkey can increase its production and improve the level of products, which leads to the strengthening of economic cooperation with other countries.

Improving the social and working conditions of citizens and workers.

The Turkish government works to achieve social and economic prosperity for all citizens and the program includes measures such as increasing the salaries of workers and social security beneficiaries, increasing the annual leave period, and improving working and health conditions and the program also aims to increase women's employment opportunities and enhance social protection for the most affected groups of society.

Related Article:

apartment prices in Turkey.

Turkish citizenship through real estate investment 2023.

Apartments for sale overlooking the Bosphorus in Istanbul.

Istanbul's earthquake resistant real estate.

types of Turkish passport.

Features of residential complexes in Istanbul.

Apartments for sale in Turkey in installments.

A comprehensive guide about real estate residence in Turkey.

A report about apartment prices in Turkey.

cheap apartments in Istanbul.

Steps to buy villas in Turkey in detail.