Recent developments in the Turkish economy

Description

During the past fifteen years of Justice and Development Party’s (AKP) rule Turkey has experienced important gains in income and living standards. Over the period 2002-2016, the real per capita income has increased by 78.5%, and the transformation into an industrial and service economy has been ongoing, with agriculture still accounting for 7.9% of GDP and 20.7% of total employment. However, Turkey’s catch-up with advanced economies has slowed since 2008, and progress has increasingly diverged from the historic record of the 2002-2007 period. Furthermore, political developments within Turkey and in the surrounding region started to have lasting influence on economic developments in Turkey.

Sübidey Togan is Professor of Economics and Director of the Center for International Economics at Bilkent University in Ankara. He has published extensively on economic developments and liberalisation in Turkey.

Ömer Faruk Gençkaya is Professor for Political Science and Public Policy at Marmara University in Istanbul. His research interests include Public Administration, legislative Studies, women and Politics Research.