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The economy of Turkey is an emerging market economy, as defined by the International Monetary Fund. Turkey is defined by economists and political scientists as one of the world's newly industrialized countries. With a population of 83.4 million as of 2021, Turkey has the world's 20th-largest nominal GDP, and 11th-largest GDP by PPP. The country is among the world's leading producers of agricultural products, textiles, motor vehicles, transportation equipment, construction materials, consumer electronics and home appliances.