OECD Economic Surveys: Turkey

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1999-0480 (online)
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Next Edition: 15 July 2016
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OECD’s periodic surveys of the Turkish economy. Each edition surveys the major challenges faced by the country, evaluates the short-term outlook, and makes specific policy recommendations. Special chapters take a more detailed look at specific challenges. Extensive statistical information is included in charts and graphs.

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OECD Economic Surveys: Turkey 2014

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10 July 2014
9789264228207 (EPUB) ; 9789264207011 (PDF) ;9789264207004(print)

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OECD's 2014 Economic Survey of Turkey examines recent economic developments, policies and prospects. The special chapter looks at structural change in the business sector.

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  • Basic Statistics Of Turkey, 2012

    This Survey is published on the responsibility of the Economic and Development Review Committee (EDRC) of the OECD, which is charged with the examination of the economic situation of member countries.The economic situation and policies of Turkey were reviewed by the Committee on 12 June 2014. The draft report was then revised in the light of the discussions and given final approval as the agreed report of the whole Committee on 4 July 2014.The Secretariat’s draft report was prepared for the Committee by Rauf Gönenç, Oliver Röhn, Fethi Öğünç and Evren Erdoğan Coşar under the supervision of Vincent Koen. Research assistance was provided by Béatrice Guérard.The previous Survey of Turkey was issued in July 2012.Information about the latest as well as previous Surveys and more information about how Surveys are prepared is available at www.oecd.org/eco/surveys.

  • Executive summary
  • Assessment and recommendations
  • Progress in structural reform

    This annex reviews actions taken on recommendations from the 2012 Economic Survey of Turkey. They cover the following areas: labour market reforms, education reforms and product market and other structural reforms. Each recommendation is followed by a note briefly describing the actions taken. Recommendations that are new in this Survey are not listed in this annex.

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    • Reducing macroeconomic imbalances

      Turkey recovered swiftly from the global financial crisis but sizeable macroeconomic imbalances arose in the process. High consumer price inflation and a wide current account deficit of around 8% of GDP are sources of vulnerability. Even though below-potential growth helps rebalancing and disinflation, these imbalances endure. The financial sector still looks resilient thanks to buffers built up mainly prior to the financial crisis. However, private sector balance sheet risks have gained prominence as leverage increased. Macroeconomic and structural policy levers need to steer a passage between robust but externally unsustainable growth and externally viable but low growth. Monetary policy needs to bring inflation and inflation expectations closer to target. Macroprudential policies could more systematically lean against capital inflows and credit cycles to reduce private sector balance sheet vulnerabilities. The fiscal stance is broadly appropriate, but compliance with a multi-year general government spending ceiling would help avoid pro-cyclical loosening in case of revenue surprises and help boost domestic saving. Overall, policies should help reduce the risk of disruptions in capital flows as monetary policy stimulus is being withdrawn in the United States.

    • Fostering inclusive growth by promoting structural change in the business sector

      Turkey’s business sector dynamism has underpinned broad-based and inclusive growth in the 2000s. However, the business sector is highly segmented, with modern high-productivity corporations, but also myriad small, less formal and low-productivity entities. This hampers efficient resource allocation and tends to entrench social inequalities. It also makes it difficult to build on-the-job human capital for the large number of low-skilled. This segmentation needs to be overcome to raise productivity in the informal, low-skill and low-productivity sector, and to facilitate resource transfers from low to higher productivity business entities. This ought to be achieved by aligning Turkey’s formal regulatory and tax framework with OECD best practice, rather than through second-best arrangements where non-compliance with rules co-exists with selective subsidies to parts of the formal sector. Labour market and business taxation reforms are particularly important to enable all categories of enterprises to operate flexibly on a rule-based, level playing field and to achieve productivity enhancing and socially inclusive restructuring.

    • Acronyms and abbreviations used in this Survey
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