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2008 OECD Economic Surveys: Turkey 2008

image of OECD Economic Surveys: Turkey 2008

This 2008 edition of OECD's periodic survey of Turkey's economy examines new challenges facing the Turkish economy including shifting to a pro-growth fiscal policy, monetary policy and inflation, and enhancing competitiveness by fostering the growth of the formal sector. This publication includes StatLinks, URLs linking tables and charts to Excel® spreadsheet versions via the internet.

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New challenges facing the Turkish economy

Over the past two decades Turkey has successfully implemented a growth strategy based on competitive markets. The strategy nurtured a highly dynamic and vibrant private business sector, which started to make much more effective use of global capital, technology and market resources. However, this new growth trajectory remained vulnerable to deep and recurrent macroeconomic shocks. After the most severe of a succession of “boom and bust” cycles in 2001, a far-reaching fiscal, monetary and institutional reform package was put in place. A steady acceleration in economic growth followed, with an average growth rate of nearly 7% per year over the period 2002-07, confirmed by the latest GDP revisions. Large numbers of new jobs were created in industry and services, together with a spectacular decline in inflation. Fiscal balances improved remarkably and the public debt ratio was put on a steadily declining path.

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