An increasing number of people from various parts of the world are moving to Turkey to start a new life, to work or even to find peace of mind for their retirements.
The country has developed dramatically in the last ten years and the pace of progress in certain fields is nothing short of astonishing.
Most of Turkey’s new residents hail from countries like the UK, Germany, Ireland, Denmark, the Netherlands, Norway, Austria, Belgium, France and the USA.
With its unique geographical location combined with a rich and diverse history, right in the cradle of many different civilizations, Turkey is a privileged place to live for expatriates and their families.
FACTORS THAT MADE TURKEY AN ATTRACTIVE COUNTRY FOR INVESTMENT
Together with stable economic growth, Turkey has also reined in its public finances; the EU-defined general government nominal debt stock fell to 33.5 percent from 67.7 percent between 2003 and 2014. Hence, Turkey has been meeting the “60 percent EU Maastricht criteria” for public debt stock since 2004. Similarly, during 2003-2014, the budget deficit decreased from more than 10 percent to less than 3 percent, which is one of the EU Maastricht criteria for the budget balance.
As the GDP levels increased to USD 800 billion in 2014, up from USD 305 billion in 2003, GDP per capita soared to USD 10,404, up from USD 4,565 in the given period.
The visible improvements in the Turkish economy have also boosted foreign trade, while exports reached USD 158 billion by the end of 2014, up from USD 47 billion in 2003. Similarly, tourism revenues, which were around USD 14 billion in 2003, exceeded USD 34.3 billion in 2014.
Significant improvements in such a short period of time have registered Turkey on the world economic scale as an exceptional emerging economy, the 16th largest economy in the world and the 6th largest economy when compared with the EU countries, according to GDP figures (at PPP) in 2013.
Institutionalized economy fueled by USD 144 billion of FDI in the past decade
16th largest economy in the world and 6th largest economy compared with EU countries in 2013 (GDP at PPP, IMF-WEO)
Robust economic growth with an average annual real GDP growth of 4.7 percent during 2002-2014
GDP reached USD 800 billion in 2014, up from USD 305 billion in 2003
Sound economic policies with a prudent fiscal discipline
Strong financial structure resilient to the global financial crisis