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Turkish Economy. Turkish ... World War I and the War of Independence (1919-22)
also had extensively disrupted the Turkish economy. The ...
... The instability of the Turkish economy and weakness of the Turkish lira against
the US dollar are concerns for all businesses in the region. ...
... EU membership. It starts with a brief overview of the Turkish economy and
highlights its strengths and weaknesses. It is followed ...
... Economic improvement Since the Second World War the Turkish economy has been
transformed by the steady growth of industry and services and the consequent ...
... Arguments for Turkey Joining the EU Economic. Done right, EU membership could ensure
that the Turkish economy remains the fastest-growing in Europe. ...
Submitted by cartoon on August 9, 2005
Category: Miscellaneous
Words: 2459 | Pages: 10
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Turkish Economy - Structure and Grwoth
At the time of the collapse of the Ottoman Empire during World War I, the Turkish economy was underdeveloped: agriculture depended on outmoded techniques and poor-quality livestock, and the few factories producing basic products such as sugar and flour were under foreign control. Between 1923 and 1985, the economy grew at an average annual rate of 6 percent. In large part as a result of government policies, a backward economy developed into a complex economic system producing a wide range of agricultural, industrial, and service products for both domestic and export markets.
Economic Development
At the birth of the republic, Turkey\'s industrial base was weak because Ottoman industries had been undermined by the capitulations. World War I and the War of Independence (1919-22) also had extensively disrupted the Turkish economy. The loss of Ottoman territories, for example, cut off Anatolia from traditional markets. Agricultural output--the source of income for most of the population--had dropped sharply as peasants went to war. Even the production of wheat, Turkey\'s main crop, was insufficient to meet domestic demand. In addition, massacres and the emigration of Greeks, Armenians, and Jews, who had dominated urban economic life, caused a shortage of skilled laborers and entrepreneurs.
Turkey\'s economy recovered remarkably once hostilities ceased. From 1923 to 1926, agricultural output rose by 87 percent, as agricultural production returned to prewar levels. Industry and services grew at more than 9 percent per year from 1923 to 1929; however, their share of the economy remained quite low at the end of the decade. By 1930, as a result of the world depression, external markets for Turkish agricultural exports had collapsed, causing a sharp decline in national income. The government stepped in during the early 1930s to promote economic recovery, following a doctrine known as etatism (see Glossary)....
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