In today’s world economy, the developing countries continue to dominate economic growth on a global scale. Among the developing countries, Turkey shines as one of the fastest-growing economies in the world.
The US Department of Commerce and the World Bank have identified Turkey as one of the most promising economies in the world. Indeed, with its young and dynamic workforce, rich natural resources and rapidly growing industrial sectors, Turkey offers great investment opportunities for foreign investors in a relatively secure economic and political environment. According to the latest economic figures, Turkey ranks as the 16th largest economy in the world.
Despite its historic, political and economic ties with Asia and the Middle East, Turkey has essentially aligned itself with the West. Today Turkey holds memberships in numerous international organizations such as:
- Council of Europe
- European Bank for Reconstruction and Development
- Organisation for Security and Cooperation in Europe
- European Resettlement Fund
- World Bank
- International Monetary Fund
- Organisation for Economic Co-operation and Development
- General Agreement on Tariffs and Trade
- World Trade Organisation
There are a number of significant factors that played an instrumental role in Turkey’s recent rise to prominence in the global economic arena.
Sound Macroeconomic Policies and Reforms
Sound macroeconomic policies combined with economic reforms that have been implemented in recent years have significantly contributed to the country’s political and economic stability and economic growth. In addition to its carefully laid-out macroeconomic policies, Turkey has also made great progress in restructuring its financial and industrial sectors as well as improving its public sector in many areas.
Progress Toward The European Union Accession
Another important factor in this strong growth has been the progress made toward the European Union accession. Turkey was already declared an official candidate for full membership in the European Union at the Helsinki Summit in December 1999. Turkey’s long-standing relations with the European Union and the economic potential it offers are expected to accelerate the accession process in obtaining full membership in the European Union sooner than expected.
Stronger Economic and Commercial Ties With The U.S.
In recent years economic and commercial relations between Turkey and the U.S. have developed into a more promising stage. The importance of such relations has been steadily increasing not only Turkey as a profitable market for US exports, but also as a prospective partner for investments by the US companies in Turkey.
All the above factors are expected to fuel further economic growth in the future. The most conservative projections predict an annual average growth rate of about 5 percent in the coming years.
As the Turkish economy grows and attracts foreign investors from all over the world, the importance of professional Turkish to English translation services are expected to grow considerably in coming years.
To pave the way for foreign investors so that they understand the economic and political guidelines to conduct business in Turkey, professional Turkish to English translation services will be vital to their success. Otherwise, inaccurate translation can lead to complications with their business partners, create problems with government authorities and may even jeopardize the success of the ventures in Turkey.
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