I. Overview of Turkey's Economy
1. Turkey's Economic Development
Turkey is a fast-developing emerging market economy. In recent years, its economy has maintained steady growth, with a GDP growth rate of 0.9% in 2019. It is projected to grow 5.5% in 2021. Turkey's economic structure is dominated by the service sector, accounting for over 70%of GDP. In addition, Turkey is also one of the world's largest construction markets, with the construction industry playing a vital role in its national economy.
2. Turkey's Labor Market
Turkey has a large population with abundant labor resources. Data shows Turkey has a workforce of 31.5 million, with around 80% living in urban areas. Meanwhile, Turkey's labor costs are relatively low, which is also a key factor attracting foreign investors.
II. The Benefits of Hiring in Turkey
1. Relatively Lower Labor Costs
Compared to developed countries in Europe and America, Turkey has relatively lower labor costs. This is also a major reason attracting foreign investors to do business in Turkey. If you are a company requiring large amounts of labor, hiring in Turkey would be a good choice.
2. Preferential Policies for Foreign Investment
The Turkish government has long attached great importance to foreign investment and introduced a series of preferential policies to encourage foreign investors, including tax incentives and free land use.
3. Favorable Geographical Location
Located between Europe and Asia, Turkey has convenient transportation. It is also one of the largest economies in the Middle East region with close economic ties with other Middle Eastern countries. If you need to expand your business in the Middle East, operating in Turkey would be a good option.
4. Huge Potential in the Construction Industry
As one of the world's largest construction markets, Turkey's construction industry has enormous potential. For companies in the construction business, Turkey would be a sound choice to expand.
III. Conclusion
In summary, as an emerging market economy, Turkey boasts advantages such as abundant labor resources and superior geographic location. Meanwhile, the government also provides a range of preferential policies for foreign investment. For companies requiring large workforce or looking to expand in the Middle East, doing business in Turkey would be a wise choice.