Turkey is a newly industrialized country, with an upper-middle income economy, which is the twentieth-largest in the world by nominal GDP, and the eleventh-largest by PPP. According to World Bank estimates, Turkey's GDP per capita by PPP is $32,278 in 2021, and approximately  11.7% of Turks are at risk of poverty or social exclusion as of 2019. Unemployment in Turkey was 13.6% in 2019, and the middle class population in Turkey rose from 18% to 41% of the population between 1993 and 2010 according to the World Bank. , the foreign currency reserves of the Turkish Central Bank were $74.9 billion (an 8.1% increase compared to the previous month), its gold reserves were $38.5 billion (a 5.1% decrease compared to the previous month), while its official reserve assets stood at $121.3 billion. , the foreign currency deposits of the citizens and residents in Turkish banks stood at $234 billion, equivalent to around half of all deposits. The EU–Turkey Customs Union in 1995 led to an extensive liberalisation of tariff rates, and forms one of the most important pillars of Turkey's foreign trade policy.