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2004 OECD Economic Surveys: Turkey 2004

image of OECD Economic Surveys: Turkey 2004

This OECD review of 2004 of Turkey's economy examines its recent strong recovery and prospects for growth. It recommends policies designed to strengthen confidence with a view to extending the recovery.  Separate chapters cover:  improving the quality of public expenditure, establishing an open business environment, and aspects of sustainable development.

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Macroeconomic Policies

Strengthening Confidence and Reducing Risk Premia

The emergence of huge fiscal imbalances in combination with the accumulation of systemic banking sector risks over the 1990s triggered the severe economic crisis of November 2000 and February 2001 with the collapse of the crawling peg exchange rate regime. The Turkish lira depreciated by about 50 per cent against the US dollar, inflation accelerated from 35 to 70 per cent during the year,...

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