ECONOMY

Today's Turkey, modern and open to the world, follows a liberal policy in economy just as in its political structure. The trend towards liberalization goes back to the 1950s, but related action became more prominent in the early 1980s when many radical changes and structural reforms have been made in the field. A free market operating with the rules of demand and supply, free competition, and a liberalized foreign trade were the outcomes of the decisions taken in that period. The fast growing Turkish economy is now further increasing its growth rate, with the ongoing arrangements for the betterment of all sectors it owns and develops.
Industry, which has always been considered to be the key sector of the economy, takes the lead in this development process. Especially after the liberalization movements, it showed a remarkable growth, and level of production in this sector reached the world-wide standards. Among the several sub-sectors of the Turkish industrial sector, there exist the defense, electronics, iron and steel, automotive, glass and sugar industries. The cement industry plays an important role in the country holding a high-ranking position in world production. The textiles and clothing sub-sector is another advanced branch, and Turkey, as a major cotton producer, increases its exports of textile products every year. Processing of agricultural products, production of agricultural machinery, and the fertilizer industry are to be mentioned here, while they relate to another main sector of the Turkish economy, namely agriculture.
Turkey, as it is evident from its being one of the few countries in the world that is self-sufficient in food, is a main producer of agricultural products. Provided by its suitable land and climate, this country has a great capacity to grow many kinds of crops. Cotton, rice, wheat, tea, tobacco, fruit and vegetables are but a few. Animal husbandry is carried out as part of the agricultural operations and the share of animal products in total agricultural exports is relatively high. Fishing, which has been a perennial operation in this country of rich water resources, and forestry, as another main production sector, can be included in Turkey's agricultural activities, all of which make significant contributions to the national economy.
Apart from these dominating sectors, there are other basic branches offering production of either goods or services. The mining sector is one, with the principal minerals of coal, iron, chrome, copper, bauxite and sulfur being extracted and processed. Energy production, construction and transportation are other important areas, each continuing a steady progress.
Last, and yet a considerably large sector of the Turkish economy is tourism. As a country of uniquely beautiful natural assets and vast historical treasures, Turkey constitutes a perfect center for touristic activities. There exists every kind of opportunity for every type of holiday-maker, due to the richness of the land with respect to its geographical and climatic characteristics granted by nature. With its enormously diverse natural figures, ranging from high mountains to extensive coasts, from wide green forests to broad lakes, this country possesses great resources in the field of tourism. Consequently, investments in modern and large capacity touristic establishments, are being made to put this potential into good use. Hotels, motels and holiday villages of high standards, offer services in all touristic areas with their high quality facilities. The establishment of an infrastructure for the training of qualified tourism personnel constitutes another investment area, and training programs are carried out at the newly established tourism centers serving this purpose and increasing the number of professional personnel. As a result of all these processes, Turkey has achieved the goal of providing the high level services suitable to the needs and wishes of foreign tourists. With the promotion policies being pursued and further arrangements in the sector, tourism will continue to rapidly increase its share in the Turkish economy.
Banking Sector
To complete the scheme of Turkish economic system, a little must be pointed out about the financial structure which covers and supports all the other sectors. Banking, as the fundamental element of this structure, must be separately emphasized because of its broad function in-the economy.
The Turkish financial system, comprising various institutions and instruments, is principally founded upon a universal banking system. Banks operate in accordance with international rules and practices, and offer numerous services with their many branches. These services include almost all activities being carried out in money and capital markets.