After a deep economic crisis in 2001, the Turkish economy entered into a rapid recovery period and grew 6.8% annually on average, and almost 50% cumulatively, from 2002 to 2007. Structural reforms, prudent macroeconomic policies and favorable conditions in international markets played an important role in this high growth performance.
After 27 straight quarters of positive growth, the Turkish economy contracted in Q4 2008. The contraction continued in 2009, with the economy shrinking by 4.7% for the year as a whole.
As of 2009, GDP amounted to roughly US$617 billion, making Turkey the 17th-largest economy in the world, according to World Bank rankings. The population numbers roughly 70 million people.
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