structural:expansion, structural:reformatting, linguistic:paraphrasing, stylistic:tone, stylistic:style_transfer
Turkey is a founding member of the OECD and G20. The country's economy ranked as the 18th-largest in the world and 8th-largest in Europe by nominal GDP in 2023. It also ranked as the 11th-largest in the world and 5th-largest in Europe by PPP in 2023. According to the IMF, as of 2022, Turkey had an upper-middle income, mixed-market, emerging economy. Turkey has often been defined as a newly industrialized country since the turn of the 21st century. The country is the fifth most visited destination in the world, and has over 1,500 R&D centres established both by multinational and national firms. Turkey is among the world's leading producers of agricultural products, textiles, motor vehicles, transportation equipment, construction materials, consumer electronics, and home appliances. Among OECD nations, Turkey has a highly efficient and strong social security system; social expenditure stood at roughly 12.5% of GDP. Over the past 20 years, there have been major developments in the financial and social aspects of Turkey's economy, such as increases in employment and average income since 2000. A period of strong economic growth between 2002 and 2013 was followed by a slowdown in growth in terms of USD-based nominal GDP figures between 2014 and 2020, especially during the 2018 Turkish currency and debt crisis, although the growth sustained in these years as well in terms of nominal GDP. Furthermore, there has been a steady recovery and a faster pace in growth in Turkey's GDP figures since 2021, which have reached their all-time highest values by the end of 2023. Growth-focused financial policies, such as the preference to keep interest rates as low as possible have led to high inflation in recent years.