The Effects of Disasters on Turkeys Economic Development Term Paper

The Effects of Disasters on Turkeys Economic Development - Term Paper Example The country has an approximate population of 63million people, which is largely young and expanding. It is the largest in terms of landmass in the entire Western Europe region with its economy ranked as one of the largest emerging in the world at number sixteen. The World Bank recently rated the country’s economy among the ten promising ones that may join the top economies category of the world (World Bank 27). The country follows a liberal economic policy based on free market and international orientation principled and has maintained an average economic growth of more than 5% over the last two decades. The various sectors of the economy include industry, which is highly developed and the top driver of the economy with world –wide standards of production. It has several subsectors that include; iron and steel, glass and cement manufacture, sugar production, electronics and defence, agriculture machinery and inputs and textiles processing. The agriculture sector is also a leading foreign exchange earner besides making the country food reliant. It approximately accounts for up to 20% of the country’s GNP besides being one of the leading employers especially for the rural society. It was one of the hardest hit by the 1999 earthquakes leading to sharp decline in its contribution to the GDP, losing to the industrial sector.