Introduction to Turkish Economy: Main Characteristics

The first constitution was adopted in 1876 in the Ottoman Empire, then amended in 1921 and 1924. Parliamentary elections were conducted after the 1876 constitution and continued until the establishment of modern Turkey (1923).

With the referendum held in 2017, the transition to the presidential system was accepted. 

The new system in Turkey has four pillars; ministries (16), offices (4), policy boards (9) and directorates (8).

Refugees and asylum seekers who are officially about 4 million, are contributing to Turkey as human resources and financial resources. Refugee human resources reduce costs by putting pressure on wages in the labor market, contribute positively to domestic demand and make a significant compensatory impact on the Turkish economy in the period of insufficient domestic demand.

According to the water assets countries are classified as follows: water-poor: the amount of water available per person per year: less than 1,000 m3. Water-scarce: the amount of water available per person per year, less than 2,000 m3. Water-rich: the amount of water available per person per year: more than 8000-10000 m3 (DSI, 2019).

Turkey is not a country rich in water. According to the annual amount of water available per capita in Turkey is a country facing water scarcity. The amount of annual disposable water per capita is around 1,519 m3. According to the water assets countries are classified as follows: water-poor: the amount of water available per person per year: less than 1,000 m3. Water-scarce: the amount of water available per person per year, less than 2,000 m3. Water-rich: the amount of water available per person per year: more than 8000-10000 m3 (DSI, 2019).

DSI. (2019). Land and Water Resources. http://www. dsi.gov.tr/toprak-ve-su-kaynaklari. (Accessed: October 5, 2019).

The following mineral resources are insufficient in Turkey: copper, manganese, graphite, paint soils, lead, aluminum, coal, zircon, zinc, arsenic, talc, titanium, iron, sulfur, mica, nickel, phosphate and clay minerals (Corlu Chamber of Commerce and Industry, Mining Industry in the World and Turkey (Corlutso, 2019).

90% of Turkish imports consist of intermediate and capital goods. Therefore, it can be said that the Turkish manufacturing industry has a high dependency on imports

Purchasing power parities, abbreviated as PPPs, are indicators of price level differences across countries. PPPs tell us how many currency units a given quantity of goods and services costs in different countries.

PPPs tell us how many currency units a given quantity of goods and services costs in different countries. Using PPPs to convert expenditure expressed in national currencies into an artificial common currency, the purchasing power standard (PPS), eliminates the effect of price level differences across countries created by fluctuations in currency exchange rates.

Turkey made its first official census in 1927, after the proclamation of the Republic.

Population was 13.7 million in the 1927 census.

Following the Great Depression in 1929, Law No. 1567 on the Protection of the Value of the Turkish Currency put into force in 1930 and the Central Bank was established the same year.

IPRI. (2019). International Property Rights Index. https://www.internationalpropertyrightsindex. org/countries. (Accessed: 1 October 2019).

The Turkish labor market is at a disadvantage in terms of occupational competence and skill inventory. Therefore, the unemployment rate is relatively high compared to peer countries due to a lack of qualified labor force, lack of entrepreneurial and innovative culture and capacity. The Turkish economy has not been able to successfully complete its structural transformation neither in terms of economic sectors nor in terms of labor inventory