The Business Year

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Turkey 2020

PUBLISHED December 2019



Much has changed in the Turkish economy since The Business Year’s last publication on the country in 2016.

Then, the economy was experiencing a sustained period of high growth at a time when much of the rest of the world was still struggling to recover from the global recession.

On our 2019 return to Turkey to produce this publication, the country was in the grip of a sharp drop in its currency’s value and the onset of economic recession.

Beleaguered by high interest rates and a decline in domestic consumer demand, companies canceled planned investments and corporate loans began souring.

Despite this, the year ended optimistically, with the economy beating growth estimates, inflation reined in, and lower global and domestic interest rates providing a needed boost in investment activity.

The Business Year’s country-specific publications, sometimes featuring over 150 face-to-face interviews, are among the most comprehensive annual economic publications available internationally. This publication features dozens of interviews, including:

  • Murat Uysal, Governor, Central Bank of the Republic of Turkey (TCMB)
  • Berat Albayrak, Minister of Treasury and Finance
  • Caner Çolak, Secretary General, Foreign Economic Relations Board (DEİK)
  • Hüseyin Aydın, Chairman of the Board, The Banks Association of Turkey
  • Bülent Aksu, Chairman, Turk Eximbank
  • Xiangyang Gao, Chairman of the Board of Directors, ICBC Turkey
  • Ruojie Li, General Manager, Bank of China (BoC) Turkey A.Ş.


The publication also features a range of articles and analysis, including:

  • Economic reform
  • Dealing with Non-Performing Loans
  • Defense exports
  • Exports to northern Europe
  • Gold production
  • E-giants
  • Offshore drilling in Cyprus
  • Istanbul’s new airport
  • Turkish contractors in Africa
  • Multinational agrifood companies
  • Medical devices
  • Gastronomy and faith tourism
  • The Black Sea region



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