Turkey - Country Economic Memorandum : Sustaining High Growth, Selected Issues, Volume 1. Main Report

This Country Economic Memorandum (CEM), prepared in collaboration with the Turkish authorities, summarizes recent accomplishments in achieving high growth and analyzes remaining public policy challenges and options available to the authorities to meet these challenges. The country seeks to double the nominal per capita income of its population by 2013. It wants this rapid growth to be inclusive of all segments of society, regions, and economic sectors-especially through improved labor market performance leading to more and better jobs in the economy. At the same time, the authorities want to improve the quality of public services which they see as an important complement to economic growth in improving quality of life. They also believe that the potentially negative environmental consequences of the period of rapid growth ahead need to be managed so that the positive welfare gains from higher per capita income levels do not become eroded by environmental nuisances. Turkey has succeeded in restoring macroeconomic stability and rapid growth, it has been recovering from crisis in 2001 and grew at 7.5 percent per year on average during 2002-2006. In addition, certain dimensions of public sector governance are instrumental in improving quality of life and promoting competitiveness in Turkey including, for example, food safety and environmental protection. Further strengthening of the legal framework and institutions fighting corruption could improve the investment climate, the efficiency of the public sector, and popular support to further reforms, and continuous macroeconomic stability is a necessary (but not sufficient) condition for sustainable growth. Strong fiscal discipline and monetary policy have reduced chronic inflation to below 10 percent in 2005. Public debt has also been reduced and its sustainability has improved. Accordingly, the resilience of the Turkish economy to shocks has improved as demonstrated by the rapid recovery from turmoil in international markets in the summer of 2006 and, more recently, in the summer-autumn of 2007.

Bibliographic Details

Main Author:	World Bank
Format:	Country Economic Memorandum biblioteca
Language:	English
Published:	Washington, DC 2008-04
Subjects:	ACCESS TO CAPITAL, ACCOUNTING, AIR QUALITY, ALLOCATION OF CAPITAL, ALLOCATION OF CREDIT, ARBITRATION, AUDITS, BANK DEPOSITS, BANK LENDING, BANK LIQUIDITY, BANK LOANS, BANK REGULATION, BANKING REGULATION, BANKING SECTOR, BASIC METALS, BENEFICIARIES, BROAD MONEY, CAPITAL FLOW, CAPITAL FLOWS, CAPITAL GOODS, CAPITAL INFLOWS, CAPITAL MARKETS, CAPITAL MOVEMENTS, CENTRAL BANK, COLLATERAL, COLLATERAL REGISTRATION, COMPETITIVENESS, CONFLICT OF INTEREST, CONFLICTS OF INTEREST, CONSUMER CREDIT, CONSUMERS, CPI, CREDIBILITY, CREDIT CARDS, CREDIT EXPANSION, CREDIT GROWTH, CREDIT INFORMATION, CREDIT MARKET, CURRENCY, CURRENCY APPRECIATION, CURRENT ACCOUNT DEFICIT, DEBT, DEBT INSTRUMENTS, DEBT RATIO, DEVELOPED COUNTRIES, DEVELOPMENT AGENCIES, DEVELOPMENT POLICY, DISINFLATION, DISPUTE RESOLUTION, DOMESTIC BANKS, DOMESTIC CREDIT, DOMESTIC INTEREST RATES, DUMPING, ECONOMIC CONDITIONS, ECONOMIC COOPERATION, ECONOMIC DEVELOPMENT, ECONOMIC DEVELOPMENTS, ECONOMIC GROWTH, ECONOMIC IMPACT, ECONOMIC PERFORMANCE, ECONOMIC POLICIES, ECONOMIC SECTORS, ECONOMIC STRUCTURE, ELASTICITIES, EMERGING ECONOMIES, EMERGING MARKET, EMERGING MARKET ECONOMIES, EMERGING MARKETS, EMPIRICAL ANALYSIS, EMPIRICAL EVIDENCE, ENVIRONMENTAL, ENVIRONMENTAL PROTECTION, ENVIRONMENTAL QUALITY, EQUIPMENT, EXCHANGE RATE, EXCHANGE RATES, EXPENDITURE, EXPENDITURES, EXPORT GROWTH, EXPORTERS, EXPORTS, EXTERNAL BORROWING, EXTERNAL DEBT, EXTERNAL DEFICIT, FINANCIAL CRISES, FINANCIAL CRISIS, FINANCIAL MARKETS, FISCAL DISCIPLINE, FISCAL POLICIES, FISCAL POLICY, FLEXIBLE INTEREST RATES, FLOATING EXCHANGE RATE, FOREIGN CURRENCY, FOREIGN DEBT, FOREIGN DIRECT INVESTMENT, FOREIGN EXCHANGE, FOREIGN INVESTORS, FRAUD, GDP, GDP PER CAPITA, GLOBAL ECONOMY, GLOBAL MARKET, GNP, GOVERNMENT SECURITIES, GOVERNMENT SUPPORT, GROSS DOMESTIC PRODUCT, GROSS NATIONAL PRODUCT, GROWTH RATE, HIGH UNEMPLOYMENT, HOLDINGS, HUMAN CAPITAL, HUMAN RESOURCE, HUMAN RESOURCES, IMMUNITY, IMPORTS, INCOME, INCOME LEVELS, INFLATION, INFLATIONARY EXPECTATIONS, INTEREST RATE, INTEREST RATE RISK, INTEREST RATES, INTERMEDIATE GOODS, INTERNATIONAL INVESTMENT, INTERNATIONAL MARKETS, INTERNATIONAL STANDARDS, INVESTMENT CLIMATE, INVESTMENT PATTERN, INVESTMENT PORTFOLIOS, INVESTMENT RATE, INVESTMENT RATES, INVESTOR INTEREST, JUDICIAL INDEPENDENCE, JUDICIAL PERFORMANCE, JUDICIAL REFORM, JUDICIAL REFORMS, JUDICIAL SYSTEM, LABOR COSTS, LABOR FORCE, LABOR MARKET, LABOR MARKETS, LABOR PRODUCTIVITY, LEGAL FRAMEWORK, LEGAL IMPEDIMENTS, LEGAL REFORM, LEGISLATION, LEVEL PLAYING FIELD, LIVING STANDARDS, LOAN, LOAN PORTFOLIO, LOAN QUALITY, LOCAL CURRENCY, LONG-TERM LOANS, MACROECONOMIC MANAGEMENT, MACROECONOMIC RISKS, MACROECONOMIC STABILITY, MACROECONOMICS, MARKET COMPETITION, MARKET ECONOMIES, MARKET LIQUIDITY, MARKET REFORM, MARKET REFORMS, MARKET STRUCTURES, MATURITY, MATURITY MISMATCH, MATURITY MISMATCHES, MONETARY FUND, MONETARY POLICIES, MONETARY POLICY, MONEY SUPPLY, MOVABLE ASSETS, MOVABLE COLLATERAL, NATIONAL SAVING, NATIONAL SAVINGS, OIL, OIL PRICE, OIL PRICES, PAYROLL TAXES, PER CAPITA INCOME, POLLUTION, POLLUTION CONTROL, POPULATION GROWTH, PORTFOLIO, POST-CRISIS PERIOD, POTENTIAL INVESTMENT, PRICE ELASTICITY, PRICE STABILITY, PRIVATE INVESTORS, PRODUCERS, PRODUCTION TECHNOLOGY, PRODUCTIVITY, PRODUCTIVITY GROWTH, PUBLIC DEBT, PUBLIC EXPENDITURES, PUBLIC INVESTMENT, QUALITY STANDARDS, REAL EXCHANGE RATE, REAL WAGES, RESERVES, RESOURCES MANAGEMENT, RISK MANAGEMENT, SAVINGS, SAVINGS RATE, SAVINGS RATES, SECURITIES, SHORT-TERM DEPOSITS, STRATEGIC INVESTOR, SUSTAINABLE GROWTH, TAX, TAX POLICIES, TAX REFORMS, TAX REVENUES, TELECOMMUNICATIONS, TOTAL FACTOR PRODUCTIVITY, TRADE COMPETITIVENESS, TRADE REGIME, TRANSPARENCY, UNEMPLOYMENT RATE, UNEMPLOYMENT RATES, USE OF COLLATERAL, VALUATION, WAGES, WASTE MANAGEMENT, WELFARE GAINS,
Online Access:	http://documents.worldbank.org/curated/en/2008/04/9423787/turkey-country-economic-memorandum-sustaining-high-growth-selected-issues-vol-1-2-main-report http://hdl.handle.net/10986/7993
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