Turkey – February 2022

Turkey performs broadly in line with emerging European countries on measures of per capita incomes and growth, while the business climate is slightly stronger and creditworthiness is weaker than regional peers. Growth has remained weak in the past few years in the face of political instability, an ongoing currency crisis and external financing pressure exacerbated by the COVID-19 pandemic. A young population underpins robust long-term growth potential.

The above chart is a cobweb diagram showing how a country measures up on four important dimensions of economic performance—per capita income, annual GDP growth, business climate rank and creditworthiness. Per capita income is in current US dollars. Annual GDP growth is the five-year average forecast between 2022 and 2026. Business climate is measured by the World Bank’s latest Ease of Doing Business ranking of 190 countries. Creditworthiness attempts to measure a country's ability to honour its external debt obligations and is measured by its OECD country credit risk rating. The chart shows not only how a country performs on the four dimensions, but how it measures up against other countries in the region.