GC Powerlist
With the economic miracle behind them, Turkish businesses now face more challenging times. But there are also opportunities to be seized, according to honourees of The Legal 500’s GC Powerlist: Turkey.
The explosive economic growth of Turkey’s economy, which started in 2001 and peaked between 2002 and 2007 with the establishment of the incumbent Justice and Development Party (AKP) government, was dubbed by many as the ‘Turkish economic miracle’, as the country emerged from decades of IMF bailouts and political instability.
Since 2002, Turkey’s economy has nearly quadrupled, registering an average GDP annual growth rate of 5%, thanks to a series of structural reforms implemented by the new government. The new economic environment has attracted direct foreign investment and led to the proliferation of glitzy construction and infrastructure projects.
