Türkiye
Türkiye was the 19th largest economy in the world by nominal GDP in 2018. GDP per capita is $9,311. It has a population of over 83m, similar in size to Germany. Most of the country is in Asia minor but its largest city, Istanbul straddles Asia and Europe. It is a member of the G20 and OECD. Services was the largest economic sector in 2018 (54 percent of GDP), followed by manufacturing (19 percent), and agriculture (5.8 percent). In 2017, the largest export sectors were services (21.75 percent), textiles (15 percent), vehicles (13.8 percent), and agriculture (10.1 percent). The largest individual exports were travel and tourism (11 percent), transport services (7.5 percent), cars (6.25 percent), and gold (2.58 percent). Its largest export partners were Germany (9.7 percent), UK (5.98 percent), US (5.59 percent), Italy (5.54 percent), and Iraq (5.53 percent). The largest goods imports were cars (3.74 percent), gold (6.05 percent), and refined petroleum (3.7 percent). Post WW2, Türkiye pursued a policy of import substitution with a focus on the internal market. The economy industrialised and grew but was unable to achieve the levels of economic growth in Western Europe post WW2. In the 1980s, Türkiye began to liberalise its economy reducing controls on trade, investment, prices, and the private sector. The policies led to a rapid increase in FDI, investment and total factor productivity but its poor macroeconomic fundamentals led to repeated crises culminating in a severe financial crisis in 2001. After the crisis, the government strengthened macroeconomic fundamentals, reformed the financial system, and privatised many SOEs. This resulted in strong growth (an average of more than 6 percent) up until the global financial crisis. Poverty more than halved between 2002-15. However, the appetite for reforms and macroeconomic discipline began to wane. The economy recovered strongly from the global financial crisis but has been under pressure since 2015. Persistently high current account deficits have kept investors nervous. Further, since 2017, the economy has also suffered from high inflation and a falling lira. A return to reforms and better macroeconomic fundamentals would unlock further growth.