Report / Güven Sak, PhD & Feride İnan

"In the twenty-first century, rapid developments in the global economy—led by advances in technology, the rise of service sector, and the emergence of fast-growing industries—have brought about new challenges for both advanced and emerging countries.

In the past decade, Turkey has made significant progress with the development of key industries and growing trade and investment, and today it ranks as the 17^th largest economy in the world. By 2023 Turkey aims to reach $500 billion in total exports and rank among the top ten economies. However, significant challenges remain to achieve these targets. First and foremost, Turkey must adopt a new growth model, as large capital inflows that helped finance growth are expected to slow down in the post-quantitative-easing period. In this respect, Turkey must revise its investment promotion strategy to attract and facilitate both domestic and foreign investment, and enhance its medium- and high-tech exports. At present, while Turkey’s exports grew rapidly between 2002 and 2012, there has not been a significant shift in the quality and technological sophistication of its exports; nor does Turkey have a strong presence in global markets..."