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Riding the Momentum: Turkey’s Business Landscape in 2024 and What’s Next for 2025

Writer's picture: GIS ConsultGIS Consult

In recent years, Turkey has experienced a dynamic economic environment, marked by both opportunities and challenges. As we move through 2024, this trend continues, with key industries showing promise and others adapting to shifts in global markets. Below, we examine the current state of the Turkish economy and offer insights into what businesses and investors can expect for 2025.


Turkey has experienced a dynamic economic environment, marked by both opportunities and challenges. As we move through 2024, this trend continues, with key industries showing promise and others adapting to shifts in global markets.

Steady GDP Growth


Despite global economic uncertainties, Turkey has managed to maintain modest GDP growth in 2024. Government initiatives targeting investment, infrastructure development, and exports have helped stabilize some market segments. These policies have also opened doors for new international collaborations, driving job creation and modernizing various sectors.


Key Industries


  • Manufacturing: Strong industrial output remains a cornerstone of the Turkish economy. Many manufacturers have diversified their supply chains, focusing on higher-value exports while catering to the domestic market.


  • Technology & Startups: Turkey’s tech ecosystem is growing, with Istanbul emerging as a hub for startups and venture capital. Fintech and e-commerce platforms have attracted increasing foreign investment, signaling faith in Turkey’s innovative potential.


  • Tourism: After a resilient comeback, tourism continues to bolster the national economy. In 2024, Turkey has recorded steady visitor numbers, further stimulating local businesses and infrastructure development.


Challenges


Although growth figures are promising, Turkey faces ongoing economic headwinds such as fluctuating currency values, inflation pressures, and global trade uncertainties. Companies operating in Turkey must remain adaptive, employing risk management strategies and staying informed about policy changes and currency movements.


Economic Outlook for 2025



Despite global economic uncertainties, Turkey has managed to maintain modest GDP growth in 2024. Government initiatives targeting investment, infrastructure development, and exports have helped stabilize some market segments. These policies have also opened doors for new international collaborations, driving job creation and modernizing various sectors.


Continued Global IntegrationAs Turkey seeks stronger trade partnerships, the focus on expanding into European, Middle Eastern, and African markets is expected to continue in 2025. This push not only opens new export opportunities but also invites diverse foreign investments into the country.


Monetary Policy AdjustmentsInflation management remains a top priority. The Central Bank is likely to introduce measures aiming for price stability. Depending on global interest rates and domestic fiscal policies, borrowing costs may fluctuate, influencing domestic consumption and investment decisions.


Focus on Sustainable DevelopmentThere is a rising call for sustainability in business operations across Turkey. Government and private sector initiatives aimed at reducing carbon footprints and promoting green energy are expected to grow in 2025. This shift could present both challenges and fresh opportunities for companies that embrace eco-friendly practices.


Digital Transformation and InnovationWith a strong entrepreneurial culture, Turkey’s digital transformation is anticipated to accelerate. Sectors such as e-commerce, fintech, and AI-driven services are predicted to see continued expansion. Businesses looking to capture the domestic market or scale internationally will likely prioritize technology-driven solutions.


Implications for Businesses and Investors Doing Business İn Turkey


  • Strategic Market Entry: Companies considering entering or expanding in Turkey can benefit by partnering with local experts to navigate regulatory requirements, cultural nuances, and shifting economic conditions.


  • Risk Management: Ongoing currency and inflation fluctuations underscore the importance of building flexibility and resilience into business models.


  • Innovation and Sustainability: To stay competitive, businesses should capitalize on the growth of tech-driven sectors and the shift toward green initiatives, aligning offerings with evolving consumer and regulatory expectations.


At GIS Consult, our mission is to guide businesses in establishing and growing their presence in the Turkish market. Our professional team provides insights into local trends, helps mitigate risks, and collaborates with clients to craft forward-looking strategies. With our unique blend of market expertise and hands-on execution, we stand ready to help you take full advantage of Turkey’s evolving economic landscape.





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