ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Turkey has a mixed economy in which there is a growing private sector combined with centralized economic planning and government regulation.

Detailed explanation-2: -Turkey is often classified as a newly industrialized country by economists and political scientists; while Merrill Lynch, the World Bank, the IMF and The Economist magazine describe Turkey as an emerging market economy. Turkey is one of the Emerging 7 countries.

Detailed explanation-3: -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.

Detailed explanation-4: -How has Turkey moved from a command economy to a mixed economy since the 1980s? Government still has a major role in industry, communication, banking, and transportation; but private enterprise is growing in agriculture, textiles, and manufacturing.

Detailed explanation-5: -The government system is a constitutional emirate; the chief of state is the emir or sheikh, and the head of government is the prime minister. Kuwait has a mixed economic system which includes a variety of private freedom, combined with centralized economic planning and government regulation.