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2002 OECD Economic Surveys: Turkey 2002

image of OECD Economic Surveys: Turkey 2002

This 2002 edition of OECD's periodic reviews of Turkey's economy examines recent economic developments, policies and prospects and  includes special features on banking system restructuring and structural reforms for a new role for the public sector.

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Structural Reforms for a New Role of the Public Sector in the Market Economy

During the past two decades, Turkey has worked hard to open its economy to international competition and to integrate its product and financial sectors in international markets. However, a similarly deep reform of its institutions has been missing. The public sector has continued to exert a direct and strong influence on the economy mainly through its control of State Economic Enterprises (SEEs) and State Banks. These institutions had been required to carry out redistributive activities mostly unfunded by the State budget, thereby endangering their competitiveness in increasingly open markets. At the same time, the State has kept using extra-budgetary funds, revolving funds and contingent liabilities leading to an unsustainable position for the public sector finances. Despite this intensive use of resources, public intervention has failed to achieve fundamental policy objectives like ensuring a wider participation in the labour market, achieving full employment and reinforcing social cohesion through a reduction in poverty and inequality...

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