- published: 06 Jul 2012
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The economy of Turkey is defined as an emerging market economy by the IMF and is largely developed, making Turkey one of the world's newly industrialized countries. The country is among the world's leading producers of agricultural products; textiles; motor vehicles, ships and other transportation equipment; construction materials; consumer electronics and home appliances. In recent years, Turkey had a rapidly growing private sector, yet the state still plays a major role in industry, banking, transport, and communications.
Turkey has the world's 15th largest GDP-PPP and 17th largest Nominal GDP. The country is a founding member of the OECD (1961) and one of the G-20 major economies (1999). Since December 31, 1995, Turkey is also a part of the EU Customs Union. Mean graduate pay was $10.02 per manhour in 2010.
The CIA classifies Turkey as a developed country. Turkey is often classified as a newly industrialized country by economists and political scientists; while Merrill Lynch, the World Bank and The Economist magazine describe Turkey as an emerging market economy.
Turkey (Turkish: Türkiye), known officially as the Republic of Turkey ( Türkiye Cumhuriyeti (help·info)), is a Eurasian country located in Western Asia (mostly in the Anatolian peninsula) and in East Thrace in Southeastern Europe. Turkey is bordered by eight countries: Bulgaria to the northwest; Greece to the west; Georgia to the northeast; Armenia, Azerbaijan (the exclave of Nakhchivan) and Iran to the east; and Iraq and Syria to the southeast. The Mediterranean Sea and Cyprus are to the south; the Aegean Sea is to the west; and the Black Sea is to the north. The Sea of Marmara, the Bosphorus and the Dardanelles (which together form the Turkish Straits) demarcate the boundary between East Thrace and Anatolia; they also separate Europe and Asia.
Turkey is one of the six independent Turkic states. The vast majority of the population are Muslims. The country's official language is Turkish, whereas Kurdish and Zazaki languages are spoken by Kurds and Zazas, who constitute 18% of the population.