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The European Union has long established itself as the world's most powerful regional supranational formation, which is achieved thanks to its economic results, geopolitical influence, and military might. European integration offers countries with an opportunity to boost their development and have greater impact in the international arena. However, the EU accession criteria are quite hard to meet, and many countries face significant difficulties in this respect, which is the case of Turkey. Since 1987, when Turkey officially applied for membership in the EU, the country hasn't completed its integration in the European community yet. This thesis investigates the main economic advantages and disadvantages in the context of Turkey's prospective accession to the European Union as a full-fledged member state.