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Turkey: Country Insights
Turkey is a transcontinental country located in Southeastern Europe and Southwestern Asia bordering the Black Sea. Neighboring countries include Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Iran, Iraq, and Syria.
Strategically positioned at the crossroads of Europe, Asia and the Middle East, Turkey is a high priority market for the United States. With a population of more than 70 million, Turkey continues to be a vital economic hub for the region—with real GDP growth estimated at 8.2 percent in 2011, making it one of the fastest growing economies in the G-20.
Turkey’s rapidly expanding economy, political and economic stability, and the possibility of EU membership continues to attract the attention of a variety of American companies. In 2011, U.S. exports to Turkey reached a record $14.7 billion, and while 2012 brought a slight decline in exports ($12.6 billion), total U.S. – Turkey trade remained at a near record of more than $19 billion. Turkey’s financial sector is stronger than that of many other countries, due in part to a series of reforms in the wake of the 2001 financial crisis which left Turkish banks better leveraged than many of their U.S. and European counterparts.
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