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Turkey
19-September-2012
English
Effective macroeconomic and structural policies helped Turkey bounce back quickly and strongly from the global crisis, with annual growth averaging close to 9% over 2010-11
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19-September-2012
English
Effective macroeconomic and structural policies helped Turkey bounce back quickly and strongly from the global crisis, with annual growth averaging close to 9% over 2010-11
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Also Available
19-September-2012
English
Turkey can achieve strong sustainable growth and job creation but further reforms in the labour market, education and product markets are required for such gains to materialise.
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19-September-2012
English
Turkey’s current account deficit widened to almost 10% of GDP in 2011 and has been narrowing only gradually since. An important question is to what extent Turkey’s current account deficit is excessive.
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More balanced and higher long-term growth calls for strengthened external competitiveness and greater private saving through adjustments in macroeconomic policy and ambitious labour market and educational reforms.
“Having left the most difficult years of the global crisis behind, […] Turkey is one of the countries which has managed to put its economy back on the path to strong growth in a short period of time.” Ali Babacan, Deputy Prime Minister for Economic and Financial Affairs of Turkey, and Chairman of the OECD Ministerial Council Meeting 2012 explains.
Country Notes from OECD Economic Policy Reforms: Going for growth 2011 presenting OECD recommendations for structural reform priorities for individual countries.
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In the 2000s, Turkey has enjoyed rapid catching–up. This was possible despite the adverse business environment, as the semi–formal and informal economy had a significant contribution to the expansion of the private sector.
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Turkey is recovering from a severe recession. Once growth gains full speed, the authorities will likely face the challenge of widening external imbalances and of ensuring a smooth functioning of the financial markets.
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Turkey is recovering from its most severe recession in several decades.
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