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2018 OECD Economic Surveys: Turkey 2018

image of OECD Economic Surveys: Turkey 2018

The Turkish economy bounced back strongly after the failed coup in July 2016 but going forward growth is set to be closer to potential. The exchange rate has depreciated considerably, inflation is high and so is the current account deficit. Growth has been overly dependent on consumption and external savings and should be rebalanced by improving export performance. There is ample room to improve the quality of governance, including with respect to fiscal, monetary and macroprudential policy. Progress in these areas would help bring about disinflation and reduce risk premia, thus lowering financing costs. Coupled with increased foreign direct investment, this would contribute to improve the quality of business capital formation, and to generate high-quality sustainable jobs for the rapidly expanding labour force.

SPECIAL FEATURE: UPGRADING BUSINESS INVESTMENT

 

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Basic statistics of Turkey, 2017

(Numbers in parentheses refer to the OECD average) a

This Survey is published on the responsibility of the Economic and Development Review Committee 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 14 June 2018. 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 29 June 2018.The Secretariat’s draft report was prepared for the Committee by Rauf Gönenç, Volker Ziemann, Kurmaș Akdoǧan and M. Utku Özmen under the supervision of Vincent Koen. Fatih Yılmaz, Seyit Mümin Cilasun and Mehmet Zahid Samancıoǧlu from the Structural Economic Research Department of the Central Bank of the Republic of Turkey contributed the firm-level analysis of the Thematic Chapter. Statistical research assistance was provided by Béatrice Guérard and editorial assistance by Mercedes Burgos and Sisse Nielsen.The previous Survey of Turkey was issued in July 2016.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.

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