[43] First established in 2000, many technoparks were pioneered by Turkish universities, now hosting over 1,600 R&D centers that drew investment by both domestic and international corporations.

[44] Turkey is also among the world's leading producers of motor vehicles, consumer electronics, home appliances and defense products.

[45] In the first quarter of the 21st century, there have been major developments in the financial and social aspects of Turkey's economy, such as increases in employment and average income since 2000.

[47] Since 2021, there has been a steady recovery and rapid growth in Turkey's USD-based nominal GDP and GDP-PPP figures,[7][37] which have reached their all-time highest values in both 2023 and 2024.

[7][37] Growth-focused and populistic financial policies, such as the preference to keep interest rates as low as possible (dubbed Erdoganomics[48][49]) have led to high inflation between 2018 and 2022.

[50] Following the Turkish parliamentary and presidential elections on May 14 and 28, 2023, and the appointment of Mehmet Şimşek as the Minister of Treasury and Finance on June 4, 2023, Turkey has adopted a more orthodox monetary policy regarding interest rates and has succeeded in gradually decreasing inflation in 2023 and 2024.

[53] Wheat, sugar beet, milk, poultry, cotton, vegetables and fruit are major products;[54] and Turkey is the world's largest grower of hazelnuts,[55] apricots,[54] and oregano.

[64] Heavy industry is tending to move out of the EU due to Turkey’s laxer pollution regulations and cheaper energy.

[70] By January 2005, Vestel and its rival Turkish electronics and white goods brand Beko accounted for more than half of all TV sets manufactured in Europe.

[75] Turkish automotive companies like TEMSA, Otokar and BMC are among the world's largest van, bus and truck manufacturers.

Turkish automotive companies like TEMSA, Otokar and BMC are among the world's largest van, bus and truck manufacturers.

[80] Turkey's annual auto exports, including trucks and buses, surpassed 1 million units for the first time in 2016 as foreign automakers' investment in new models and a recovery in its mainstay European market lifted shipments.

According to the industry group Automotive Manufacturers Association (OSD), Turkey-based car plants exported 1.14 million units in 2016, up 15% from the year before.

[85] TÜLOMSAŞ (1894), TÜVASAŞ (1951) and EUROTEM (2006) are among the major producers of multiple unit trains, locomotives and wagons in Turkey, including high-speed EMU and DMU models.

[citation needed] Bozankaya is a Turkish manufacturer of rolling stock including metro, tram and trolleybus vehicles in Ankara.

[citation needed] Other important products include the TAI TF Kaan, TF2000-class destroyer, Milgem class corvette, Baykar MIUS Kızılelma UCAV, Baykar Akıncı HALE UCAV, Baykar Bayraktar TB2 MALE UCAV, TAI Aksungur MALE UCAV, TAI Anka MALE UAV/UCAV, Aselsan İzci UGV, Altay main battle tank, T-155 Fırtına self-propelled howitzer, J-600T missile, T-129 attack helicopter, A400M, Roketsan UMTAS anti-tank missile, Roketsan Cirit laser-guided rocket, Panter howitzer, ACV-300, Otokar Cobra and Akrep, BMC Kirpi, FNSS Pars 6x6 and 8x8 APC, Nurol Ejder 6x6 APC, TOROS artillery rocket system, Bayraktar Mini UAV, ASELPOD, and SOM cruise missile.

[117] As Turkey is prone to strong earthquakes, the buildings that were constructed before the post-1999 safety standards and regulations remain a major concern, with many ongoing urban redevelopment and reconstruction projects, especially in large cities.

[118] The two major earthquakes on February 6, 2023 in southern Turkey have revealed that some of the recently-built structures that collapsed were not constructed in accordance with the latest safety regulations.

The Central Bank of the Republic of Turkey (Türkiye Cumhuriyet Merkez Bankası) was founded in 1930 as a privileged joint-stock company.

Since 2003, Turkish State Railways has also been investing in high-speed rail lines, which at 2,175 km (1,353 mi) ranked ninth longest in the world.

[148] The remote areas of the country are reached by a domestic satellite system, while the number of subscribers to mobile-cellular telephone service is growing rapidly.

[151] Over the years, Turkey has emerged as a popular tourist destination for many Europeans, competing with other Mediterranean countries such as Greece, Italy and Spain.

As of 2024, the listed public companies were: The following "OECD Long Term Projections" table was published in February 2022 for the 16 largest economies by GDP using PPP exchange rates from 2030 to 2060.

[155] As of 2016, the main trading partners of Turkey are the European Union, Russia, the United Kingdom, the UAE, Iraq, and China, many being top in both export as well as import.

[156] Turkey has taken advantage of a customs union with the EU, signed in 1995, to increase industrial production for exports, while benefiting from EU-origin foreign investment into the country.

[176] Fatih Birol, the head of the International Energy Agency said in 2019 that, because of its falling price, the focus should be on maximizing onshore wind power in Turkey.

[189]: 21 Solar power could be expanded more quickly if the electricity grid was improved faster and energy policy revised, especially by abolishing fossil fuel subsidies.

[248] According to Eurostat data, Turkish GDP per capita adjusted by purchasing power standards stood at 64 percent of the EU average in 2018.

[250] The country's wealth is mainly concentrated in the northwest and west, while the east and southeast suffer from poverty, lower economic production and higher levels of unemployment.

[251] However, in line with the rapid growth of Turkey's GDP during the first two decades of the 21st century (with brief periods of stagnation and recession), parts of Anatolia began reaching a higher economic standard.