Turkiye has a dynamic economy which has grown, with some fluctuations, at an average rate of 4.5 percent yearly over the past five years. A series of radical reforms in the financial sector and the lifting of the restrictions on foreign capital in the eighties have transformed the economy into a liberal and outward-looking one.
More recently, the possibilities for economic cooperation with the former Soviet Republics have created new opportunities for the mobilization of the country's human and physical resources and enhanced its growth prospects.
İstanbul, a metropolis with a population of over 10 million, that is the country's commercial and cultural center, creates over 20% of the nation's gross output. The city mirrors the dynamism that has characterized Turkish society and economy in the recent past.
Concurrently with the increasing international orientation of the country and its integration in to the world, İstanbul is assuming the status of a global city with its rapidly expanding network of telecommunications.
The city currently accommodates 22 universities, 15 of which are private institutions. As a center of commercial and industrial activity, İstanbul provides many opportunities for consulting and research. The former capital of two empires, the city has inherited a rich and unique collection of Byzantine and Ottoman masterpieces of art and architecture as well as a beautiful natural setting to offer inhabitants and visitors alike.
Opera and ballet, numerous theaters and cinemas, concerts, exhibitions, and an international festival of the arts provide a rich and vibrant cultural life throughout the year.