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Turkish Economy and Currency

Turkish Economy and Currency

Earlier in history, the strategy was to mix the economy with customized companies and the government. Therefore, the state had played a leading role in industrialization during the 1950s, since its foundation in 1923. These ideas are still supported with five-year development plans guided by the government.

The economic tendency is mainly to the liberal market economy, and its GDP has left behind many European and Middle Eastern countries. In 2003, Turkey’s economy ranked as the 18th largest economy and later shifted to 13th place. Now it is the 11th one in the world. Turkey had significant growth with a 5.5% catch rate in 2013-2018. And the foreign investment of $180 billion was invested in the last decade. According to OECD and TSI, the per capita income in Turkey was 10,000$ in 2008, increased to 12,480.37 in 2013, 19,631,69 in 2018, and 28,119,5 in 2020.

Turkey’s domestic market and entrepreneurial private sector have increased economic developments through investment supports and exports. Currently, there are 5, 10, 20, 50, 100, and 200 lira banknotes with 1, 5, 10, 50 Kurus coins, and 1 TL coin.

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