TURKEY TURKEY | Overview

Official name: Republic of Turkey

Capital: Ankara

Official languages:  Turkish

Monetary unit: (new) Turkish Lira (YTL)

Population (million - 2013): 74.9

Total area (sq km):  783, 562


OVERVIEW

Second largest country (after Russia) in Europe, Turkey is bordered by Georgia, Armenia, Azerbaijan, Iran, Iraq, Syria, Greece and Bulgaria. In terms of GDP size, Turkey is the 18th largest economy in the world, and the second largest among ICD member countries. In less than a decade, per capita income in the country has nearly tripled and now exceeds $10,000.

Turkey has also made considerable advances in competitiveness over the past decade, where FDI has grown from just over $1 billion to an average of $13 billion in the past five years. Although Turkey’s economic outlook remains favorable, the government’s medium-to-long-term priority is to increase productivity and competitiveness while simultaneously reducing its reliance on foreign savings to make growth less volatile and more sustainable throughout the economy.


Year joined ICD:

Number of projects approved: 9

Gross Approval ($US million): 222.20

Gross Disbursement ($US million): 86.42