Turkiye is doing pretty well compared to Thailand actually. Thailand has a whole host of challenges and problems somewhat unique to it that is very long topic to get into (I lived in many parts of south east asia overall and seen certain things firsthand myself).
Manufacturing value added in Thailand is about 135 billion USD right now or population of about 71 million
TR its about 200 billion USD for population of about 85 million.
Both have underlying service strengths in Tourism (services) and have robust agriculture backbone overall too....and of course a whole set of unique challenges and problems (stripping away the politics to look at things objectively as possible).
Malaysia and Vietnam are very different economies to compare w.r.t where they get their value addition from. Malaysia did large capital investments in the 80s and 90s when Turkiye was going through a number of problems regarding the environment for doing that.
Vietnam is largely based on moving things from China, the MVA is volumetrically high, but the transfer ratio to wealth and long term equity leverage is only so much and will take much longer time. You can compare for example their market cap, labour wages and purchasing power to Turkiye for example.
From 2000 - 2020, a big specific issue for Turkiye is the way AKP admin routed investment, which sectors they made attractive and the windfalls for re-investment here.
So things went pretty well (in simple first glance way) from 2000 - 2010 given the emergence from situation of 1980 - 2000 (and its low base effect from squandering that era in various ways by the political and economic turbulence etc).
Lot of FPI, decent increase in FDI, good bonhomie period for supply chain integration into EU market and so on.
But there was not much attention given to things like oil refining and core capital industries like that (where margins are low and needs strategic impetus).
Just look at the amount of refined petroleum Turkiye has to import nowadays.
This creates cascade impact on its entire energy import bill (now a full ~40 billion USD each year that could have been single digit if you net export refined products to make up for it)
This was grossly insufficient:
Get statistics for Refined Oil Products Production from the Enerdata database in a interactive chart.
yearbook.enerdata.net
From 2000 to 2014, production stagnated from 24 mt to 22 mt (when really things should have kicked in from 2005 itself)
Only after that increased to about 40 mt now to 2022....one can gauge the capacity story from it (it would need more research)
But the investments were all expensive and not optimal it looks like, given what I can see from TR refined export/import ratio and consumption. i.e too little too late for what TR economy needed in this chunk of 20 years.
The better period for doing this was missed.
In just mediterranean area, Spain and Italy have refine production and capacity now ~ 3 times that of Turkiye. They are able to finance a lot more of their own energy imports with what they can export refined.
Turkiye is one of those rare industrial countries that imports refined petroleum
twice what it exports....most industrial countries of sizeable population export refined much more than they import refined given the capacities they developed for refining (imported crude etc) at bulk for internal demand.
There are core industrial sectors where its same story (and now TR stuck with import bill or low MVA consequence in the sector)....TR didn't target enough things deeply in the first 10 years of that period while it had the opportunity to do so....w.r.t base inputs that help higher tiers of economy.
This is why TR economy caught cold very easily from AKP unorthodox economic policy that was gravitated to helping sectors like real estate (and keeping credit cheap there) at expense to rest of economy.
An economy cannot grow with too much real estate focus, PRC with all its industrial push is also suffering this internally and its going to get lot worse for them......TR could afford this route even less (the sunk in costs that are not elastic response enough to world economy arteries). It is going to take TR a lot of time to extricate out of this problem.