Population (2020): 83.6 million
GDP (2020): US$720 billion
World Bank “Ease of Doing Business” Rank (2020): 33rd
Bilateral Trade with Singapore: S$1.55 billion
Trading Partner Rank (2020): 44th
Turkey is the world`s 11th and Europe`s 4th biggest economy in terms of GDP. The country`s economy has more than tripled over the past 18 years, with GDP increasing from US$236 billion in 2002 to US$717 billion in 2020. Despite the pandemic, IMF`s forecast for Turkey`s GDP growth is still positive around 5.8% for 2021.
The country has also a major domestic market with 83.6 million people and is the youngest population in Europe with a median age of 32.7. The country, with 77 milliion mobile phone users and 60 million social media users, is highly adoptive to the new technologies. There are many opportunities for international companies to introduce new solutions and services in market.
Turkey enjoys strong historical, cultural and economic ties with countries in the neighbouring regions of Southern Europe, the Commonwealth of Independent States (CIS) and the Middle East. Through the Customs Union with the EU, Turkey has direct access to the EU market of 987 million consumers. In addition, the country is a hub for MNCs to manufacture, export and manage with proximity to Europe, MENA (Middle East and North Africa) and Central Asia at 4 hour flight distance. Singapore companies can tap these linkages to expand into nearby countries, either by using Turkey as a hub or by partnering with Turkish companies.