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Grow Rich

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TEPAV – Economic Policy Research Foundation of Turkey
The first company that we visited in Ankara was the Economic Policy Research Foundation of Turkey. There they presented to us the Turkish economic background, the actual economic position regarding European Union and Middle East and what are their challenges to keep the long-term competitiveness.
Turkey is strategically located between Europe and Middle East and this advantage, after the policy reforms, made the country boost their economy by attracting companies that operates in both markets. The country is so well geographically located that we in a 3 hours flight you have an economic potential of 8,7 Trillions of dollars.
The ground for this economic boom was the first generation reforms starting in 1980 with Price reforms and Trade and Financial liberalization. After that in 2001 they had the Banking reform, Privatized state owned companies, created Independent authorities to regulate the markets and they also adopted Fiscal and Monetary discipline.
Nowadays, they are trying to move from an Efficiency-driven economy to an Innovation-driven economy, which means that they need to not only build or make goods in the country but also aggregate value to the goods produced. Investing in education is the only and long way to shift the economy from large scale transformation to high-tech.
On the other hand, Turkey has a current account deficit and it is at historic high, it corresponds as 10% of GDP. The majority of the imports is related to the import of energy from others countries. Just to give and idea about how costly is energy in Turkey, the gasoline gallon is traded at $10 USD and also when we were in Istanbul we faced power shortage several times, so this can be an issue to the long-term economic growth.

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