Turkey has an emerging free-market economy. It ranked as the 16th-largest in the world and 7th-largest in Europe by nominal GDP in 2025. It also ranked as the 11th-largest in the world and 5th-largest in Europe by PPP in 2025. Turkey is a founding member of the OECD and G20. Ratified in 1995, the European Union–Turkey Customs Union has established a free trade area between Turkey and the European Union.