The World Bank said on Wednesday that Turkey has seen steady growth over several decades and is on the threshold of becoming a high-income economy.
The World Bank said that prosperity has been apparent in several income groups in the country and the size of the middle class has doubled. The country does face challenges in its transition through different income levels on a macroeconomic scale, the World Bank said.
"The rise of emerging markets is changing the global development landscape," World Bank Vice President for Europe and Central Asia, Laura Tuck said. "For many developing countries, the most pertinent lessons in development come, not from the industrialized countries of Western Europe and North America, but from the dynamic emerging market economies that are well on their way towards high income status.”
The primary challenge Turkey faces with increased economic standing is the lack of institutional frameworks that are prerequisite of high-income designations. The World Bank said Turkey should return to the reforms of the banking and finance industry it had placed during a previous financial crisis.