HSBC Navigator provides comprehensive insight into the now, next and how for business, representing the views of over 9,100 business decision-makers across 35 markets. This report gives an understanding of how businesses like yours can continue to grow now and in the future.

Ambitious goals amid signs of greater economic stability

Following a difficult 2018, Turkey’s economy is showing some signs of improvement. The currency depreciation in Q3 2018 triggered a short recession but also high inflation. Turkey’s central bank raised its benchmark interest rate as high as 24% in the wake of the event; however, it has lowered rates significantly during the course of 2019. Having soared to 25% in 2018, inflation dropped back into single figures in September 2019. 

The business sentiment for Turkey reflects the results of the Navigator survey, conducted between August and September 2019.

State of play

Businesses optimistic as government targets renewed growth 

Businesses have become more optimistic over the past 12 months. In the next year, 78% expect their sales to grow – this is on par with European and global averages but below other markets in MENA, which are particularly confident. Among companies trading internationally, 83% predict international growth, while for companies producing goods as opposed to services that figure is as high as 89%. 

24% of Turkish businesses are deemed high-growth companies, meaning that they expect to grow by 15% or more in the next year according to our survey. This is slightly higher than the global average of 22%. 

Meanwhile, given a five-year time horizon, Turkish businesses generally are even more enthusiastic in their predictions, with 84% expecting sales to grow.

78 %

In the next year, 78% of Turkish businesses expect their sales to grow

Key contributors to expectations of sales growth over the next year

Internal – Introducing new products/services
Internal – Investing in technology
Quality and availability of skills in your workplace
External – New markets opening up
External – Favourable changes in interest rates
External – Increasing interest in sustainability


Improving your business’ productivity


Motivated workforce



Favourable political environment


Government incentives for investment opportunities


What you need to know

  1. 1

    Turkish businesses surveyed between August and September 2019 are optimistic in the short-term and even more confident about longer-term prospects.

  2. 2

    Companies selling products or services in overseas markets are particularly bullish.

  3. 3

    Turkish firms’ strategies to overcome threats are largely expansive and include breaking into new markets, improving the quality of products and services and investing in innovation and customer experience.

What your business can do

  • Research new markets. Turkish businesses see international expansion both as the top driver for growth and the best strategy to counter threats.

  • Look at developing new products and services. 35% of Turkish companies expect this entrepreneurial approach to help them grow.

  • Consider supply chain changes such as increasing your use of digital technology or changing to domestic suppliers. 48% of Turkish firms expect to reduce costs in this way.