Turkey - Country Economic Memorandum : Towards Macroeconomic Stability and Sustained Growth, Volume 2. Main Report
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Washington, DC
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This report addresses key questions
facing Turkish policymakers: how to sustain the economic
recovery that began in 2002 following the deep crisis of
2001, how to ensure disinflation and public debt
sustainability, and how to foster broad-based and equitably
distributed growth in the future. After a brief review of
the 2001 crisis and the Government response, the report
analyzes the economic opportunities and challenges facing
Turkey, and identifies policies to build on the economic
recovery which began in 2002. The CEM develops a
comprehensive four-point agenda for sustainable and more
equitably distributed growth. The agenda encompasses: (i)
macroeconomic stability, (ii) effective government, (iii)
improved business environment, and (iv) stronger social
policies. The report closes with medium-term macroeconomic
projections to illustrate Turkey's prospects under a
scenario of sustained reform and to highlight the risks to
growth and macroeconomic stability should the economic
program go off track.
Palabras clave
DISINFLATION, CRISIS MANAGEMENT, MACROECONOMIC FRAMEWORK, PUBLIC SECTOR MANAGEMENT, BUSINESS ENVIRONMENT, SOCIAL POLICY, DISASTER RECOVERY, FINANCIAL ADMINISTRATION, STRUCTURAL REFORMS, GOVERNANCE, FINANCIAL PERFORMANCE INDICATORS, CORPORATE RESTRUCTURING, REGULATORY REFORMS, MARKET LIBERALIZATION, SOCIAL CONTRACTS, HUMAN CAPITAL DEVELOPMENT, LABOR MARKETS, ECOMOMIC INTEGRATION, EXPORT PERFORMANCE, FOREIGN DIRECT INVESTMENTS, EXOGENOUS VARIABLES, EXCHANGE RATE REGIMES, EUROPEAN UNION MEMBERSHIP AGRICULTURAL OUTPUT, AGRICULTURAL PRODUCTION, AGRICULTURE, BALANCE OF PAYMENTS, BANK RECAPITALIZATION, BANK RESTRUCTURING, BANKING CRISES, BANKING SECTOR, BANKING SYSTEM, BENCHMARK, BUDGET CONSTRAINT, BUSINESS CYCLE, CAPITAL ACCOUNT, CAPITAL OUTFLOWS, CENTRAL BANK, CIVIL SERVICE, COMMERCIAL BANKS, COMPETITIVENESS, CONSUMER PRICE INDEX, CONSUMERS, CONTINGENT LIABILITIES, CPI, CURRENCY CRISES, CURRENT ACCOUNT, CURRENT ACCOUNT DEFICIT, DEBT, DECISION MAKING, DEPOSIT INSURANCE, DEVALUATION, DISINFLATION, DOMESTIC INTEREST RATES, DURABLE GOODS, EMPLOYMENT, EXCHANGE RATE, EXCHANGE RATE REGIME, EXPORT GROWTH, EXPORTS, EXTERNAL DEBT, EXTERNAL ENVIRONMENT, FINANCIAL CRISIS, FINANCIAL DEVELOPMENT, FINANCIAL INSTITUTIONS, FINANCIAL INTERMEDIATION, FINANCIAL MANAGEMENT, FINANCIAL MARKETS, FINANCIAL SECTOR, FINANCIAL STABILITY, FISCAL ADJUSTMENT, FISCAL DISCIPLINE, FISCAL MEASURES, FISCAL POLICY, FISCAL REFORMS, FISCAL RESTRAINT, FISCAL SUSTAINABILITY, FISCAL YEAR, FOREIGN EXCHANGE, GDP, GNP, GOVERNMENT SECURITIES, GROSS DOMESTIC PRODUCT, GROSS NATIONAL PRODUCT, GROWTH RATE, IMPORTS, INCOME, INCOME GROUPS, INFLATION, INFLATION RATE, INSTITUTIONAL STRUCTURE, INSURANCE, INTEREST RATES, INTERNATIONAL EXPERIENCE, INVENTORIES, INVENTORY, INVESTMENT SPENDING, LABOR COSTS, LABOR FORCE, LABOR MARKET, LEADING INDICATORS, LEGAL FRAMEWORK, LEGISLATION, LONG TERM, MACROECONOMIC ANALYSIS, MACROECONOMIC FRAMEWORK, MACROECONOMIC OUTCOMES, MACROECONOMIC STABILITY, MONETARY POLICIES, NOMINAL ANCHOR, NOMINAL INTEREST RATE, OIL, POVERTY REDUCTION, PRIMARY SURPLUS, PRIVATE BANKS, PRIVATE CONSUMPTION, PRIVATE INVESTMENT, PRIVATE SECTOR, PRIVATIZATION, PRODUCTIVITY, PROFITABILITY, PUBLIC CONSUMPTION, PUBLIC DEBT, PUBLIC DEBT SUSTAINABILITY, PUBLIC EXPENDITURES, PUBLIC FINANCES, PUBLIC GOVERNANCE, PUBLIC INVESTMENT, PUBLIC SECTOR, PUBLIC SECTOR DEBT, PURCHASING POWER, REAL APPRECIATION, REAL EXCHANGE, REAL EXCHANGE RATE, REAL GDP, REAL GNP, REAL INTEREST, REAL INTEREST RATE, REAL INTEREST RATES, REAL TERMS, REAL WAGE, REAL WAGES, RECAPITALIZATION, SMALL BUSINESS, SOCIAL SECURITY, STATE BANKS, STRUCTURAL REFORMS, SUSTAINED GROWTH, T-BILLS, TAX REVENUES, TELECOMMUNICATIONS, TOTAL FACTOR PRODUCTIVITY, UNEMPLOYMENT, UNEMPLOYMENT RATE, VALUE ADDED, WAGES