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Mr. Angel Gurría, Secretary-General of the OECD, was in Istanbul on 9-10 February 2015 to attend the G20 Finance Ministers and Central Bank Governors meeting.
Turkey is a significant and geopolitically critical economy. Its companies, like those from many other countries, operate in corruption-prone sectors and countries. In spite of this, only 10 allegations have come to the attention of Turkish authorities since foreign bribery became an offence in Turkey in 2003.
Turkey’s business sector dynamism has underpinned broad-based and inclusive growth in the 2000s. However, the business sector is highly segmented, with a relatively small core of modern high-productivity corporations, and myriad small, less formal and low-productivity entities.
Turkey recovered swiftly from the global financial crisis but sizeable macroeconomic imbalances arose in the process.
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The OECD Employment Outlook 2014 finds that while the impact of the global crisis was initially severe for Turkey, it was shorter than in the rest of the OECD area and there was a much sharper rebound. The unemployment rate was 9.1% in the first quarter of 2014 in Turkey, still above the OECD average (7.3%), but lower than in the pre-crisis period (9.4% in Q4 2007).
Turkey’s economy will grow stronger in the coming years, but remains overly dependent on domestic consumption funded by foreign finance, according to the latest OECD Economic Survey of Turkey.
Business dynamism has underpinned inclusive growth in the 2000s. Strong growth without widening external imbalances calls for structural reform in the business sector to boost productivity and allow firms to better compete in export markets and at home.
Specific country notes have been prepared using data from the database OECD Health Statistics 2014, June 2014 version. The notes are available in PDF format.
Organised in Istanbul, this event focused on financial education across Europe and in Turkey, the role(s) of the private and not-for-profit sectors in financial education, financial literacy and innovation for young people and financial education for migrant workers and their families.
Following recent Turkish media reports, the OECD would like to clarify that it has published no recent review of Turkey. The publication of the 2014 Economic Survey of Turkey is planned for July.