In the late 1990s, Türkiye struggled with high inflation rates, and in response, it partnered with the International Monetary Fund (IMF) to implement a program for curbing inflation. During the early 21st century, Türkiye experienced robust economic growth, though this progress was interrupted briefly in 2009 due to the global economic crisis.
Türkiye is also very rich in terms of natural resources; coal, oil, hydroelectric sources, metallic ores like iron, chromite, manganese, and various agricultural products are some of Türkiye's resources. Agriculture occupies around one-third of Türkiye's land, with cotton, sugar beets, tobacco, and livestock farming playing substantial roles, influenced by regional differences.
The industrial sector in Türkiye is diverse, activities like steel production, nonferrous metallurgy, engineering, chemicals, and textiles are highly important sectors for the Turkish economy.
Türkiye's foreign trade has seen significant expansion, transitioning from predominantly agricultural exports to manufactured goods. Key trade partners include European countries, Russia, China, and Middle Eastern nations like the United Arab Emirates and Iraq.