Well, the Ottoman Empire had some very serious problems. Their economic elite was very divided (large peasants vs. industrial capitalists, large peasants against each other, and capitalist against capitalist). There was some state intervention to mediate there and provide necessities to the population (more or less successfull). The Tapu system is a good example of that. Also the Ottoman Empire has massive ethnic divisions, an uneducated population (not entirely of course), no real industrial base to count on (except for the major cities). I dont know much about ottoman labour morale at the time, but supposing that they had many unhappy ethnic minorities and the fact that the government was generally quite unpopular, I think it was not very high. So summing the above up, a Japan style rapid state led industrialisation is impossible.
That being said there are multiple things we can do for the ottomans. If the industrial capitalists get an edge (in power, influence and importance to the national economy) you can have a slow industrialisation (supposing the ottoman empire don't fall prey to foreign neo-colonialism. They have to develope an own strong capitalist class to avoid foreign value extraction from their country. Exactly this is the problem with foreign investment. It can lead to foreign corporation dominating ottoman markets, therefore forcing the ottoman government to extract value with little to no taxes, hurting the national economy badly). On the other hand, there could be a communist revolution, and state led industrialization alá Russia or China, which (eventually) benefits the population greatly. However there would be conflicts with the economic elite, which could lead to much trouble (like 1932/1933 in Russia, with massive price rising, organized banditry and destruction of harvest by the large peasants).
In the end, massive social and pollitical reforms are needed, and the are needed soon. Repressentation of etnoc minorities (maybe even autonomy). More elements of capitalist democracy implemented, would also help domestic stability. Mass state led education campaigns would help to raise workers productivity, aswell as more social securities and maybe basic medical care. Basic labour rights would be beneficial to the national economy in the long term, too. And then its either become a neo-colonialist power yourself, or prevent foreign neo-colonialism (in a CP victory scenario, that may be Germany).
After this TLs Great War, the Ottoman Empire, though standing on the side of the victors, is badly weakened. Social, pollitical and ethnic unrest shake the sick man of europe, and its leadership realizes that reforms are needed now. Ethnic minorities gain representation and some autonomy, while basic social reforms are enacted. Pollitically the Empire liberalizes, too, becoming a constitutional monarchy, like the German Empire. The state tries its best to promote industry, eventually breaking the resistance of the agrarianists and initiating slow industrialisation. Influx of foreign capital is strictly controlled, while the Empire actively engages in capital export, itself. Proposing that everything goes well, after a few decades of (mostly minor) imperialist wars and domestic developement, by 1950 the Ottoman Empire is stable and has and is roughly as developed as OTL Russia in 1950, and at the very least, a major regional power.
Now it is highly interesting how this TL would develope in detail, but thats very speculative.