Turkey - Country Economic Memorandum : Structural Reforms for Sustainable Growth, Volume 2. Statistical Annex
This country economic memorandum shows
that fiscal imbalances are key to understanding
Turkey's inflation problem, and its volatile growth.
Its findings suggest that the country's inability to
sustain high growth can be closely linked, among many
factors, to the lack of macroeconomic stability.
Unsustainable fiscal policy, has put repeated pressure on
its currency, and led to chronic, and high inflation. Thus,
when facing crises, fiscal policy has been unable to
withstand, or influence on the business cycle; instead
contractionary policies have been implemented to achieve
monetary stability, actually worsening the real impact of
shocks. It is also suggested that previous attempts at
stabilization, failed precisely because they did not address
the structural sources of fiscal deficit. Following an
analysis on Turkey's macroeconomic framework, the
report reviews the reform agenda on the infrastructure,
agriculture, and banking sectors, and the country's
medium-term prospects, but emphasizes the influence of the
policy environment on total factor productivity growth, as a
key explanatory factor, recommending structural policies to
generate at least a primary surplus of three percent of GNP,
prioritize social security, and social assistance, and avoid
unsustainable contingent liabilities, by deregulating energy
and telecommunications sectors, and, pursue financial sector reform.
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Bibliographic Details
| Main Author: |
World Bank |
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| Language: | English
en_US |
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| Published: |
Washington, DC
2000-09-15
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| Subjects: | AGRICULTURE,
BALANCE OF PAYMENTS,
BALANCE SHEET,
BANK SERVICE CHARGES,
BORROWING,
CAPITAL FORMATION,
CENTRAL BANK,
CONSUMER PRICE INDEX,
CPI,
CURRENT PRICES,
DEBT,
DEFLATORS,
DEPOSIT INSURANCE,
DISPOSABLE INCOME,
DOMESTIC BORROWING,
ELECTRICITY,
ELECTRICITY GENERATION,
EXCHANGE RATE,
FINANCIAL INSTITUTIONS,
FISCAL YEAR,
FISHERIES,
FORESTRY,
GDP,
GNP,
GOVERNMENT BONDS,
GROSS NATIONAL PRODUCT,
GROWTH RATE,
INCOME,
INSURANCE,
INTEREST RATES,
INTERNATIONAL RESERVES,
MARKET PRICES,
MONETARY AGGREGATES,
PRIVATE CONSUMPTION,
PRIVATIZATION,
PRODUCTIVITY,
PUBLIC INVESTMENT,
PUBLIC SAVINGS,
PUBLIC SECTOR,
PUBLIC SECTOR BORROWING,
SAVINGS,
SAVINGS RATIO,
STATE OWNED ENTERPRISES,
SUSTAINABLE GROWTH,
T-BILLS,
TAX,
TELECOMMUNICATIONS,
TOTAL FACTOR PRODUCTIVITY,
TRANSPORT,
TREASURY,
VALUE ADDED,
WHOLESALE PRICE INDEX,
WORLD TRADE ORGANIZATION,
WTO MACROECONOMIC STABILIZATION,
ECONOMIC GROWTH,
PUBLIC SECTOR DEFICIT,
FISCAL SUSTAINABILITY,
ECONOMIC RECOVERY,
SOCIAL SECURITY,
REFORM POLICY,
SOCIAL ACTION PROGRAMS,
INFRASTRUCTURE DEVELOPMENT,
RURAL DEVELOPMENT,
AGRICULTURE SECTOR ADJUSTMENT,
BANKING,
FISCAL ADJUSTMENTS,
MONETARY ANALYSIS,
ECONOMIC CRISIS,
STRUCTURAL ADJUSTMENT,
PRODUCTIVITY GROWTH,
CONTINGENCY PLANS,
DEREGULATION,
FINANCIAL SECTOR REFORM,
INFLATIONARY PRESSURES, |
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| Online Access: | http://documents.worldbank.org/curated/en/2000/09/692905/turkey-country-economic-memorandum-structural-reforms-sustainable-growth-vol-2-2-statistical-annex
https://hdl.handle.net/10986/14995
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