While this growth was impressive, it has set up the country for an even more exciting period: an explosion of technology-based businesses and homegrown innovation.
With its young and connected population, Turkey is becoming a hotbed of invention and a target for investment. Half of the country’s population is under 30, and Turkey has a higher expected college graduation rate than Italy. Eighty-four percent of the country owns a mobile device, and more than 11m Turks are expected to buy their first smartphones this year. According to the most recent statistics, Turkey had more than 30m Facebook users — more than France or Germany.
A young population and rapid technology growth means that Turkey is leapfrogging old technologies, with many people using mobile devices for banking and shopping, instead of desktops. Turkey is third in the world in the use mobile devices for e-commerce, and more than four million people in Turkey use mobile banking.