ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Turkey is the largest economy in the Middle East followed by Saudi Arabia, Iran and the UAE. Turkey has the world’s 15th largest GDP-PPP and 15th largest Nominal GDP.

Detailed explanation-2: -The Turkish economy, which is expected to continue to be the 23rd in GDP ranking in 2023, is expected to be among the 20 largest economies in the world in 2027.

Detailed explanation-3: -Türkiye pursued ambitious reforms and enjoyed high growth rates between 2002 and 2017 that propelled the country to the higher reaches of upper-middle-income status and reduced poverty. The share of people below the US$5.50 per day poverty line fell by three quarters to 8.5 percent between 2002 and 2018.

Detailed explanation-4: -Turkey is a geopolitically important large country in the region located at the crossroads to Europe, the Middle East, Central Asia, and Caucasia.

Detailed explanation-5: -GDP Annual Growth Rate in Turkey averaged 4.81 percent from 1999 until 2022, reaching an all time high of 22.20 percent in the second quarter of 2021 and a record low of-14.50 percent in the first quarter of 2009.