Economic system of Turkey

Economic system of Turkey

As one of the most powerful country in majority spheres , Turkey’s economic system is also one of the most strong , but in the same time complicated. It has a mixed economy in which there is a growing private sector combined with centralized economic planning and government regulation . That means that economic system blends elements of a market economy with elements of a planned economy , free markets with state interventionism , or private enterprise with public enterprice .

According to some other researches modern Turkey is a free market economy oriented to Western markets . While the private sector continues to be the country’s powerful engine of rapid economic growth , the state has a significant involvement in essential sectors such as communication , transport and banking.

XX century had real bad surprises for Turkey’s economy . Firstly , during the period from 2008 to 2009 world economic crisis influenced to economy of this country negatively , so it tried to recover economical side , but there were no better system to take . Starting from 2010 it had some positive changes and in that case Turkey in 2012 , credit agency called Fitch upgraded Turkey’s credit rating to investment grade . Unfortunately , in 2018 last system wasn’t able to be stable because of changing modern international economy . So , then government changed system to today’s Turkey economic system .

To sum up , Turkey’s mixed economic system is making the country one of the leading in the world in this sphere . However , there is a noticeable government intervention to economy , but at all economy is at least stable .