Turkey entered the 2000s with a banking crisis.
With the November 2002 elections, breakthrough moves started in the economy.
In the 20-year period, there were two major crises, 2001 and 2008.
In addition to the coup attempt, wars and internal conflicts in the near geography, an unprecedented epidemic in history was witnessed.
Finally, we faced the disaster of the century.
Despite all the difficulties, the economic size has exceeded 900 billion dollars.
The per capita income also exceeded 10 thousand dollars. The average growth rate for the last 20 years has increased from 4 percent to 5.5 percent.
Export was the engine of growth
It has increased more than 6 times in 20 years. It came from 36 billion 100 million dollars to 254 billion dollars. The number of exporters, which was 33 thousand in 2002, approached 115 thousand at the end of last year.
It reached the highest level in history with 31 million 800 thousand. In the 2002-2022 period, the employment rate increased from 44.4 percent to 47.5 percent. During this period, the labor force participation rate approached 54 percent.
Turkey rose from 17 to 4th among the countries hosting the most tourists.
Despite the epidemic, a record was broken last year with 51 million 400 thousand tourists and 46 billion 300 million dollars in tourism income.
Removal of banking sector debris inherited from 2001
The capital adequacy ratio of the sector was increased to 19.5 percent, above the average.
The NPL ratio has also decreased to single digits in 20 years. It decreased from 17.6 percent in 2002 to 2.1 percent at the end of 2022.
Capital markets deepened
The number of investors in the stock markets has exceeded 5 million. While global interest rates were increased, Türkiye gave priority to production and investment. The policy rate was reduced to single digits with 8.5 percent.
Information and communication technologies market increased 11 times in 20 years
It has reached 30 billion dollars. The 100-year-old dream has come true, the first domestic electric car TOGG came off the band. The rate of domestic and nationality in the defense industry was increased from 20 percent to 80 percent.
Not only industry but also agriculture was prioritized
Agricultural product increased from 25 billion 100 million dollars in 2002 to 58 and a half billion dollars in 2022. The debt to the IMF has been zeroed. Fon’s “bitter prescriptions” remained in the dusty pages of history.
While doing all these, no concessions were made on the budget. The ratio of budget deficit to national income decreased below 1 percent in 2022. The share of public debt stock in national income decreased from 71.5 percent to 32 percent.
At this point, Türkiye now has a voice in the global economy. From energy to defense, from transportation to infrastructure, every project contributed to production.