Istanbul's population is officially 15,46 million by the beginning of 2021, although it has surpassed 17 million now, making it greater than 177 nations in the globe in terms of population. Since the Byzantine and Ottoman centuries, the city has been influential and large, but its spectacular rise began in the 1950s, parallel to Turkey's fast industrialization. A massive movement from the rural to Turkey's biggest industrialized metropolis started, which is still going on today.

Economic Development In Istanbul

Istanbul's economic potential is enormous; it accounts for 38% of Turkey's entire industrial production and 40% of the taxes collected in the nation. Furthermore, Istanbul accounts for around 57% of national exports and 60% of national imports. The city boasts 30% of Turkey's total commercial enterprises, making the Istanbul Chamber of Commerce (ITO) and Istanbul Chamber of Industry (ISO) one of the world's largest trade chambers.

As a result, Istanbul draws a large number of multinational corporations, foreign banks, offices, stores, and brand names, among other things. In each of the city's districts, there are various business hubs with offices and bank branches. There are three main ports, four free trade zones, and two international airports. Istanbul is gaining a bigger proportion of international commerce every year for a variety of reasons, including its location as a natural bridge between East and West.

Turkey's Economic Capital

The 2018 Turkish cash and obligation situation struck Istanbul severely. As of August 2018, about 33% of office space in Turkey's economic metropolis of Istanbul was vacant, and office leasing prices across all segments had dropped significantly.

Istanbul has always been Turkey's "monetary capital," even after Ankara became the country's new political capital in 1923. During the 1980s, the city's explicit commercial sectors strengthened their position. The Istanbul Stock Exchange (ISE), established at the beginning of 1986, is Turkey's sole protection market, designed to provide exchanging values, right coupons, Government securities, Treasury bills, income-sharing endorsements, securities given by the Privatization Administration, and corporate securities.

In 1993, the ISE decided on gold market advancement, and in 1995, the Istanbul Gold Exchange was established, which completed the Turkish Central Bank's gold bullion imports limiting infrastructure and shifted it to the secret area people from the gold trade