Turkey has the world’s 15th largest GDP-PPP. and 15th largest Nominal GDP. The country is a founding member of the OECD (1961) and the G-20 major economies (1999). Turkey has been part of the EU Customs Union since 31 December 1995.
Turkey is often classified as a newly industrialized country by economists and political scientists;[ while Merrill Lynch, the World Bank and The Economist magazine describe Turkey as an emerging market economy.
Turkey is restructuring its economy in an attempt to gain full European Union membership. It began this policy in the early 1970s, abandoning its previous import substitution industrialization policy.
As privatization has taken hold in Turkey it has brought with it significant foreign direct investment. Additionally, the Baku-Tbilisi-Ceyhan pipeline has brought revenue to Turkey and enabled it to share some of the regional hydrocarbon wealth.
Turkey’s economy is currently led by its agricultural and textile sectors. It has a per capita GDP of $11,200, supplemented by some 1.2 million Turks working abroad.