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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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Shifting to a pro-growth fiscal strategy

Following six years of very tight fiscal policies, which contributed to the restoration of macroeconomic stability, debt sustainability and investor confidence after the 2001 crisis, Turkey is faced with a fiscal policy challenge: how to: i) preserve a rigorous fiscal policy stance; while ii) both improving the quality and cost-efficiency of key public services and developing the country’s infrastructure; and iii) simultaneously reducing the most distortive aspects of the Turkish tax system. In response to this challenge the government is trying to develop a new pro-growth fiscal strategy. As the Stand-By Arrangement with the IMF – which formed a decisive anchor for fiscal policy since 2001 – expired in mid-2008, Turkey faces the task of putting in place a suitable macroeconomic and institutional framework which would preserve the credibility gained under IMF surveillance, while delivering the needed changes in revenue and public expenditure structures.

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