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The Turkish economy has delivered a remarkable performance with its steady growth over the last decade. A sound macroeconomic strategy, in combination with prudent fiscal policies and major structural reforms in effect since 2002, has integrated the Turkish economy into the global marketplace, while transforming the country into one of the major recipients of foreign direct investments (FDI) in its region. Thanks to the government’s ambitious growth program, Turkey has become an attractive destination for FDI.

After 2002, weak FDI inflows experienced an incremental increase and reached a record level of USD 22 billion in 2007. According to OECD forecasts, real GDP growth is projected to rise approximately 4 percent in 2014 and 2015, while the Economist Intelligence Unit (EIU) expects an annual average growth rate of 5 percent until 2017. After such a profound economic transformation over the last decade and quite solid economic foundations, Turkey became the 17th largest economy in the world and the 6th in Europe.

The financial services sector is one of the most popular areas for foreign direct investment in Turkey. In 2013, the total FDI in financial services reached USD 3.42 billion, which accounts for 26 percent of total FDI in Turkey.

The Turkish financial services sector continued to show healthy growth with an expanding loan base and favorable liquidity conditions. The total asset size grew at a CAGR of 19 percent between 2008 and the third quarter of 2012, surpassing a total asset size of TRY 2,140 billion. Turkey has also become one of the key destinations in the world for private equity activities. There are many major private equity and venture capital firms in Turkey.

Despite the Eurozone crisis, Turkey’s loan expansion also continued to grow alongside the economy. Total loans exceeded TRY 794 billionin 2012, while the loan to deposit ratio surpassed 103 percent in 2012.

Turkey’s financial sector is among the best in the world with an ever-growing asset size, and has a strong equity structure to protect it against shocks that may arise from loans or turbulent market conditions. The asset quality of Turkish banks improved as asset size grew at a staggering CAGR of 21 percent between 2003 and September 2013, exceeding TRY 1,630 billionwith an asset to GDP ratio of 97 percent in 2012.

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