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OECD Economic Surveys: Turkey 2008
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- Table of contents
- Basic statistics of Turkey (2007)
- + Executive summary
- Assessment and recommendations
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Chapter 1. New challenges facing the Turkish economy
- A new era of macroeconomic stabilisation and growth acceleration
- + The challenges of sustaining higher growth
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The economy has significantly strengthened since 2001
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Growth was driven by a vigorous private sector
- Figure 1.1. The post-2001 growth acceleration
- Figure 1.2. Productivity more than employment catch-up underpinned the acceleration
- Figure 1.3. Growth was entirely private-sector driven
- Figure 1.4. Respective shares of large enterprises and medium and small sized enterprises in industry
- Box 1.1. The rise of “Anatolian Tigers” as cultural change
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The globalisation of the economy is progressing
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Growth was driven by a vigorous private sector
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Structural weaknesses slow down the catching-up process
- + Gaps remain large against OECD living standards
- + Work incentives are strong but human capital is weak
- + The formal regulatory framework is not supportive of growth
- + The competitiveness of the economy has come under pressure
- Demand for low-skilled labour has weakened
- + Persisting imbalance between domestic and external demand
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Turkey is not yet perceived as a fully resilient economy
- Table 1.2. Potential factors behind Turkey’s external vulnerability
- Figure 1.15. Why Turkey is still perceived as a vulnerable economy - international comparisons
- Table 1.3. Sovereign credit ratings and vulnerability indicators
- Figure 1.16. Gross official reserves and credit growth
- Figure 1.17. External debt indicators
- Figure 1.18. Gross external debt stock under alternative scenarios
- Figure 1.19. Estimated and actual sovereign ratings for Turkey
- Fiscal reforms (Chapter 2)
- Monetary policy (Chapter 3)
- Structural reforms to strengthen the business sector (Chapter 4)
- Notes
- Bibliography
- Annex 1.A1. Selected recommendations of the 2006 OECD Economic Survey and national follow-ups
- + Annex 1.A2. Gross external debt sustainability: methodology and assumptions
- Annex 1.A3. Estimating sovereign credit ratings for emerging markets
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Chapter 2. Shifting to a pro-growth fiscal strategy
- + Despite past achievements much remains to be done
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Reviewing the appropriate fiscal policy stance and anchor
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Spending reform challenges
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Tax reform challenges
- + Conclusions
- Notes
- Bibliography
- + Annex 2.A1. Net public debt sustainability scenarios: methodology and assumptions
- Annex 2.A2. Education performance – Turkey in international comparison
- Annex 2.A3. Health performance – Turkey in international comparison
- Annex 2.A4. Long-term baseline fiscal projections, 2005-35
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Chapter 3. Monetary policy: facing the challenges
- + The past history of high and chronic inflation
- + Post-2001 disinflation
- + Recent inflation inertia
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The structural dilemma of economic policy
- + The short term interest rate as the main monetary policy instrument
- + Managing inflation expectations
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Responding to trend exchange rate appreciation
- Figure 3.15. Capital inflows
- Figure 3.16. Different measurements of real exchange rates
- Figure 3.17. Real exchange rates in selected countries
- + Box 3.4. How overvalued was the Turkish lira in the period up to 2007?
- Figure 3.19. Central Bank’s foreign exchange interventions and purchase auctions
- Box 3.5. The role of social dialogue in backing macroeconomic and monetary objectives
- + Policy recommendations
- Notes
- Bibliography
- + Annex 3.A1. Experiences of other middle-income countries with capital inflows: lessons for Turkey
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Chapter 4. Enhancing competitiveness by fostering the growth of the formal sector
- Glossary
This 2008 edition of OECD's periodic survey of Turkey's economy examines new challenges facing the Turkish economy including shifting to a pro-growth fiscal policy, monetary policy and inflation, and enhancing competitiveness by fostering the growth of the formal sector. This publication includes StatLinks, URLs linking tables and charts to Excel® spreadsheet versions via the internet.
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Book Details
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Categories
Business & Economics > Economic Conditions
Publishers
Publication year : 2008
License: All rights reserved ©
Times read: 108
