Turkey is at a crossroads. With a civil war next door
creating a refugee crisis and putting a strain on resources,
economic forecasts downgraded and a cooling in relations with
Russia, the country is no longer the darling of the so-called
Some foreign investors remain deterred by unpredictability,
a lack of transparency and trust in key institutions. An
increase in investment and innovation is undoubtedly needed to
boost productivity and create enough high-productivity jobs to
accommodate Turkey's rapidly growing workforce. According to
the World Bank, although Turkey has created 6.3 million jobs
since the global financial crisis, unemployment still lingers
at a troubling ten percent.
But the swirl of crisis has meant that observers –
and more worryingly investors – have at times lost
sight of the country's strengths.
"In less than a decade, per capita income in the
country has nearly tripled"
In less than a decade, per capita income in the country has
nearly tripled. And this rising prosperity has been shared.
Between 2002 and 2012, the consumption of the bottom 40%
increased at around the same rate as the national average. Over
the same period, extreme poverty fell from 13% to 4.5% and
moderate poverty fell from 44% to 21%. Growth is estimated to
have increased to 4.2% in 2015, much higher than expected.
Turkey has a young, dynamic population, a large domestic
market and a strategic location, combined with strong
infrastructure and much improved public services. Turkey's
achievements and future potential have been a source of
inspiration for other emerging markets.
And those doing business in the country will find a legal
framework which is rapidly developing too. As this guide
illustrates, Turkey's lawmakers have been busy, initiating
reforms on issues ranging from the energy markets, to data
protection, competition, portfolio management and the
The guide also features contributions from the country's
leading in-house counsel, a legal market roundup from IFLR's
sister publication, the IFLR1000 and much more. We hope you
will find it an invaluable resource.