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Turkey, the Mediterranean emerging market
Turkey, a country considered a bridge between Europe and the Middle East, North Africa and Central Asia, is one of the developing economies nearby to the old continent
Turkey, a secular republic with a majority of Muslim population, is considered the largest emerging market in the Mediterranean area. With a population of over 74.5 million people, according to United Nations (UN) data, Turkey is a politically and economically stable country, with a young population that has a growing purchasing power.
In recent years, the Turkish economy has registered growths in its Gross Domestic Product (GDP) that have reached 8% and 9% levels, despite the fact that the country was hit by the 2008 and 2009 financial crises, suffering an economic recession in 2009. According to The Financial Times, in 2011, and with a GDP growth of 8%, Turkey was the second country in the world with higher economic growth, just after China.
The relevance of the Turkish domestic market growth is notable for European markets thanks to the European Union (EU) – Turkey Association Agreement, in force since 1996, which guarantees the free movement of goods between Europe and Turkey for most items, with the exception of agricultural products, coal and steel. Also, the formal launch in 2005 of negotiations for the integration of Turkey into the EU is expected to further promote the free movement of goods between the two regions.
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