Turkey - Country Economic Memorandum : Structural Reforms for Sustainable Growth, Volume 1. Main Report
This country economic memorandum shows that fiscal imbalances are key to understanding Turkey's inflation problem, and its volatile growth. Its findings suggest that the country's inability to sustain high growth can be closely linked, am...
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| Language: | English en_US |
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Washington, DC
2013
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| Online Access: | http://documents.worldbank.org/curated/en/2000/09/692906/turkey-country-economic-memorandum-structural-reforms-sustainable-growth-vol-1-2-main-report http://hdl.handle.net/10986/14987 |
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okr-10986-14987 |
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oai_dc |
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Digital Repository |
| institution_category |
Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English en_US |
| topic |
MACROECONOMIC STABILIZATION ECONOMIC GROWTH PUBLIC SECTOR DEFICIT FISCAL SUSTAINABILITY ECONOMIC RECOVERY SOCIAL SECURITY REFORM POLICY SOCIAL ACTION PROGRAMS INFRASTRUCTURE DEVELOPMENT RURAL DEVELOPMENT AGRICULTURE SECTOR ADJUSTMENT BANKING FISCAL ADJUSTMENTS MONETARY ANALYSIS ECONOMIC CRISIS STRUCTURAL ADJUSTMENT PRODUCTIVITY GROWTH CONTINGENCY PLANS DEREGULATION FINANCIAL SECTOR REFORM INFLATIONARY PRESSURES ADMINISTRATIVE REFORM AGRICULTURE AUTHORITY AUTONOMY BALANCE SHEETS BANK PRIVATIZATION BANK PROFITS BANKING SECTOR BANKING SUPERVISION BANKING SYSTEM BUDGET PROCESS CAPITAL MARKETS CENTRAL GOVERNMENT COMMERCIAL BANKS COMPETITIVE BIDDING COMPETITIVE BIDDING PROCESS COMPETITIVE MARKETS CONSUMER PRICE INDEX CONSUMERS CPI DEBT DEBT FINANCING DEBT SERVICE DECREE DEFICITS DEMAND FOR MONEY DEPOSIT INSURANCE DEREGULATION DEVELOPED COUNTRIES DEVOLUTION DISINFLATION DISTORTED INCENTIVES ECONOMIC EFFICIENCY ECONOMIC GROWTH ECONOMIC RATE OF RETURN ECONOMIC REFORM ELECTRICITY ELECTRICITY DEMAND ELECTRICITY GENERATION EMERGING MARKETS EVASION EXCHANGE RATE EXPORTS FINANCIAL AUTONOMY FINANCIAL INTERMEDIATION FINANCIAL RATIOS FINANCIAL RISKS FINANCIAL SECTOR FINANCIAL SECTORS FISCAL FISCAL BALANCE FISCAL COSTS FISCAL CRISIS FISCAL DEFICIT FISCAL POLICY FISCAL REFORMS FISCAL SITUATION FISCAL SUSTAINABILITY FISCAL YEAR FORESTRY GDP GNP GOVERNMENT BORROWING GOVERNMENT GUARANTEES GOVERNMENT INTERVENTION GOVERNMENT ROLE GOVERNMENT SUBSIDIES GOVERNMENT'S REFORM PROGRAM GROSS NATIONAL PRODUCT GROWTH RATE HEALTH SERVICES HUMAN CAPITAL IMPORT TARIFFS INCOME INCOME SUPPORT INFLATION INFLATION RATES INPUT USE INSOLVENCY INSTITUTIONAL FRAMEWORK INSTITUTIONAL REFORMS INSURANCE LABOR MARKET LAWS LEGAL FRAMEWORK LEGISLATION LICENSES LIVING STANDARDS LOAN GUARANTEES MACROECONOMIC STABILITY MARKET DISTORTIONS MARKET PRICES MARKET RISK MONOPOLIES NATIONAL INCOME NATIONAL LEVEL NEW ENTRANTS NOMINAL INTEREST RATES PENSIONS PER CAPITA INCOME POLICY ENVIRONMENT POLITICAL REFORMS POWER PLANTS PRIVATE BANKS PRIVATE SECTOR PRIVATE SECTOR PARTICIPATION PRIVATIZATION PRIVATIZATION OF STATE PRODUCTIVITY PRODUCTIVITY GROWTH PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC EXPENDITURE MANAGEMENT PUBLIC OFFERING PUBLIC SECTOR PUBLIC SECTOR BORROWING PUBLIC SECTOR REFORM RATIONALIZATION REAL GNP REAL SECTOR REGULATORY AUTHORITY REGULATORY FRAMEWORK RESOURCE ALLOCATION RETIREMENT RETIREMENT INCOME RISK MANAGEMENT SAVINGS SOCIAL INSURANCE SOCIAL INSURANCE SYSTEM SOCIAL PROTECTION SOCIAL PROTECTION SYSTEM SOCIAL SECURITY SOCIAL SECURITY REFORM SOCIAL WELFARE STATE ASSETS STATE BANKS STATE ENTERPRISES STATE OWNED ENTERPRISES STATE-OWNED ENTERPRISES SUSTAINABLE GROWTH TAX TECHNOLOGICAL CHANGE TELECOMMUNICATIONS TOTAL FACTOR PRODUCTIVITY TOTAL FACTOR PRODUCTIVITY GROWTH TRANSPARENCY TREASURY UNDERVALUATION UNEMPLOYMENT VALUE ADDED WAGES WORLD TRADE ORGANIZATION WTO |
| spellingShingle |
MACROECONOMIC STABILIZATION ECONOMIC GROWTH PUBLIC SECTOR DEFICIT FISCAL SUSTAINABILITY ECONOMIC RECOVERY SOCIAL SECURITY REFORM POLICY SOCIAL ACTION PROGRAMS INFRASTRUCTURE DEVELOPMENT RURAL DEVELOPMENT AGRICULTURE SECTOR ADJUSTMENT BANKING FISCAL ADJUSTMENTS MONETARY ANALYSIS ECONOMIC CRISIS STRUCTURAL ADJUSTMENT PRODUCTIVITY GROWTH CONTINGENCY PLANS DEREGULATION FINANCIAL SECTOR REFORM INFLATIONARY PRESSURES ADMINISTRATIVE REFORM AGRICULTURE AUTHORITY AUTONOMY BALANCE SHEETS BANK PRIVATIZATION BANK PROFITS BANKING SECTOR BANKING SUPERVISION BANKING SYSTEM BUDGET PROCESS CAPITAL MARKETS CENTRAL GOVERNMENT COMMERCIAL BANKS COMPETITIVE BIDDING COMPETITIVE BIDDING PROCESS COMPETITIVE MARKETS CONSUMER PRICE INDEX CONSUMERS CPI DEBT DEBT FINANCING DEBT SERVICE DECREE DEFICITS DEMAND FOR MONEY DEPOSIT INSURANCE DEREGULATION DEVELOPED COUNTRIES DEVOLUTION DISINFLATION DISTORTED INCENTIVES ECONOMIC EFFICIENCY ECONOMIC GROWTH ECONOMIC RATE OF RETURN ECONOMIC REFORM ELECTRICITY ELECTRICITY DEMAND ELECTRICITY GENERATION EMERGING MARKETS EVASION EXCHANGE RATE EXPORTS FINANCIAL AUTONOMY FINANCIAL INTERMEDIATION FINANCIAL RATIOS FINANCIAL RISKS FINANCIAL SECTOR FINANCIAL SECTORS FISCAL FISCAL BALANCE FISCAL COSTS FISCAL CRISIS FISCAL DEFICIT FISCAL POLICY FISCAL REFORMS FISCAL SITUATION FISCAL SUSTAINABILITY FISCAL YEAR FORESTRY GDP GNP GOVERNMENT BORROWING GOVERNMENT GUARANTEES GOVERNMENT INTERVENTION GOVERNMENT ROLE GOVERNMENT SUBSIDIES GOVERNMENT'S REFORM PROGRAM GROSS NATIONAL PRODUCT GROWTH RATE HEALTH SERVICES HUMAN CAPITAL IMPORT TARIFFS INCOME INCOME SUPPORT INFLATION INFLATION RATES INPUT USE INSOLVENCY INSTITUTIONAL FRAMEWORK INSTITUTIONAL REFORMS INSURANCE LABOR MARKET LAWS LEGAL FRAMEWORK LEGISLATION LICENSES LIVING STANDARDS LOAN GUARANTEES MACROECONOMIC STABILITY MARKET DISTORTIONS MARKET PRICES MARKET RISK MONOPOLIES NATIONAL INCOME NATIONAL LEVEL NEW ENTRANTS NOMINAL INTEREST RATES PENSIONS PER CAPITA INCOME POLICY ENVIRONMENT POLITICAL REFORMS POWER PLANTS PRIVATE BANKS PRIVATE SECTOR PRIVATE SECTOR PARTICIPATION PRIVATIZATION PRIVATIZATION OF STATE PRODUCTIVITY PRODUCTIVITY GROWTH PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC EXPENDITURE MANAGEMENT PUBLIC OFFERING PUBLIC SECTOR PUBLIC SECTOR BORROWING PUBLIC SECTOR REFORM RATIONALIZATION REAL GNP REAL SECTOR REGULATORY AUTHORITY REGULATORY FRAMEWORK RESOURCE ALLOCATION RETIREMENT RETIREMENT INCOME RISK MANAGEMENT SAVINGS SOCIAL INSURANCE SOCIAL INSURANCE SYSTEM SOCIAL PROTECTION SOCIAL PROTECTION SYSTEM SOCIAL SECURITY SOCIAL SECURITY REFORM SOCIAL WELFARE STATE ASSETS STATE BANKS STATE ENTERPRISES STATE OWNED ENTERPRISES STATE-OWNED ENTERPRISES SUSTAINABLE GROWTH TAX TECHNOLOGICAL CHANGE TELECOMMUNICATIONS TOTAL FACTOR PRODUCTIVITY TOTAL FACTOR PRODUCTIVITY GROWTH TRANSPARENCY TREASURY UNDERVALUATION UNEMPLOYMENT VALUE ADDED WAGES WORLD TRADE ORGANIZATION WTO World Bank Turkey - Country Economic Memorandum : Structural Reforms for Sustainable Growth, Volume 1. Main Report |
| geographic_facet |
Europe and Central Asia Turkey |
| description |
This country economic memorandum shows
that fiscal imbalances are key to understanding
Turkey's inflation problem, and its volatile growth.
Its findings suggest that the country's inability to
sustain high growth can be closely linked, among many
factors, to the lack of macroeconomic stability.
Unsustainable fiscal policy, has put repeated pressure on
its currency, and led to chronic, and high inflation. Thus,
when facing crises, fiscal policy has been unable to
withstand, or influence on the business cycle; instead
contractionary policies have been implemented to achieve
monetary stability, actually worsening the real impact of
shocks. It is also suggested that previous attempts at
stabilization, failed precisely because they did not address
the structural sources of fiscal deficit. Following an
analysis on Turkey's macroeconomic framework, the
report reviews the reform agenda on the infrastructure,
agriculture, and banking sectors, and the country's
medium-term prospects, but emphasizes the influence of the
policy environment on total factor productivity growth, as a
key explanatory factor, recommending structural policies to
generate at least a primary surplus of three percent of GNP,
prioritize social security, and social assistance, and avoid
unsustainable contingent liabilities, by deregulating energy
and telecommunications sectors, and, pursue financial sector reform. |
| author |
World Bank |
| author_facet |
World Bank |
| author_sort |
World Bank |
| title |
Turkey - Country Economic Memorandum : Structural Reforms for Sustainable Growth, Volume 1. Main Report |
| title_short |
Turkey - Country Economic Memorandum : Structural Reforms for Sustainable Growth, Volume 1. Main Report |
| title_full |
Turkey - Country Economic Memorandum : Structural Reforms for Sustainable Growth, Volume 1. Main Report |
| title_fullStr |
Turkey - Country Economic Memorandum : Structural Reforms for Sustainable Growth, Volume 1. Main Report |
| title_full_unstemmed |
Turkey - Country Economic Memorandum : Structural Reforms for Sustainable Growth, Volume 1. Main Report |
| title_sort |
turkey - country economic memorandum : structural reforms for sustainable growth, volume 1. main report |
| publisher |
Washington, DC |
| publishDate |
2013 |
| url |
http://documents.worldbank.org/curated/en/2000/09/692906/turkey-country-economic-memorandum-structural-reforms-sustainable-growth-vol-1-2-main-report http://hdl.handle.net/10986/14987 |
| _version_ |
1764427813592498176 |
| spelling |
okr-10986-149872021-04-23T14:03:16Z Turkey - Country Economic Memorandum : Structural Reforms for Sustainable Growth, Volume 1. Main Report World Bank MACROECONOMIC STABILIZATION ECONOMIC GROWTH PUBLIC SECTOR DEFICIT FISCAL SUSTAINABILITY ECONOMIC RECOVERY SOCIAL SECURITY REFORM POLICY SOCIAL ACTION PROGRAMS INFRASTRUCTURE DEVELOPMENT RURAL DEVELOPMENT AGRICULTURE SECTOR ADJUSTMENT BANKING FISCAL ADJUSTMENTS MONETARY ANALYSIS ECONOMIC CRISIS STRUCTURAL ADJUSTMENT PRODUCTIVITY GROWTH CONTINGENCY PLANS DEREGULATION FINANCIAL SECTOR REFORM INFLATIONARY PRESSURES ADMINISTRATIVE REFORM AGRICULTURE AUTHORITY AUTONOMY BALANCE SHEETS BANK PRIVATIZATION BANK PROFITS BANKING SECTOR BANKING SUPERVISION BANKING SYSTEM BUDGET PROCESS CAPITAL MARKETS CENTRAL GOVERNMENT COMMERCIAL BANKS COMPETITIVE BIDDING COMPETITIVE BIDDING PROCESS COMPETITIVE MARKETS CONSUMER PRICE INDEX CONSUMERS CPI DEBT DEBT FINANCING DEBT SERVICE DECREE DEFICITS DEMAND FOR MONEY DEPOSIT INSURANCE DEREGULATION DEVELOPED COUNTRIES DEVOLUTION DISINFLATION DISTORTED INCENTIVES ECONOMIC EFFICIENCY ECONOMIC GROWTH ECONOMIC RATE OF RETURN ECONOMIC REFORM ELECTRICITY ELECTRICITY DEMAND ELECTRICITY GENERATION EMERGING MARKETS EVASION EXCHANGE RATE EXPORTS FINANCIAL AUTONOMY FINANCIAL INTERMEDIATION FINANCIAL RATIOS FINANCIAL RISKS FINANCIAL SECTOR FINANCIAL SECTORS FISCAL FISCAL BALANCE FISCAL COSTS FISCAL CRISIS FISCAL DEFICIT FISCAL POLICY FISCAL REFORMS FISCAL SITUATION FISCAL SUSTAINABILITY FISCAL YEAR FORESTRY GDP GNP GOVERNMENT BORROWING GOVERNMENT GUARANTEES GOVERNMENT INTERVENTION GOVERNMENT ROLE GOVERNMENT SUBSIDIES GOVERNMENT'S REFORM PROGRAM GROSS NATIONAL PRODUCT GROWTH RATE HEALTH SERVICES HUMAN CAPITAL IMPORT TARIFFS INCOME INCOME SUPPORT INFLATION INFLATION RATES INPUT USE INSOLVENCY INSTITUTIONAL FRAMEWORK INSTITUTIONAL REFORMS INSURANCE LABOR MARKET LAWS LEGAL FRAMEWORK LEGISLATION LICENSES LIVING STANDARDS LOAN GUARANTEES MACROECONOMIC STABILITY MARKET DISTORTIONS MARKET PRICES MARKET RISK MONOPOLIES NATIONAL INCOME NATIONAL LEVEL NEW ENTRANTS NOMINAL INTEREST RATES PENSIONS PER CAPITA INCOME POLICY ENVIRONMENT POLITICAL REFORMS POWER PLANTS PRIVATE BANKS PRIVATE SECTOR PRIVATE SECTOR PARTICIPATION PRIVATIZATION PRIVATIZATION OF STATE PRODUCTIVITY PRODUCTIVITY GROWTH PUBLIC DEBT PUBLIC EXPENDITURE PUBLIC EXPENDITURE MANAGEMENT PUBLIC OFFERING PUBLIC SECTOR PUBLIC SECTOR BORROWING PUBLIC SECTOR REFORM RATIONALIZATION REAL GNP REAL SECTOR REGULATORY AUTHORITY REGULATORY FRAMEWORK RESOURCE ALLOCATION RETIREMENT RETIREMENT INCOME RISK MANAGEMENT SAVINGS SOCIAL INSURANCE SOCIAL INSURANCE SYSTEM SOCIAL PROTECTION SOCIAL PROTECTION SYSTEM SOCIAL SECURITY SOCIAL SECURITY REFORM SOCIAL WELFARE STATE ASSETS STATE BANKS STATE ENTERPRISES STATE OWNED ENTERPRISES STATE-OWNED ENTERPRISES SUSTAINABLE GROWTH TAX TECHNOLOGICAL CHANGE TELECOMMUNICATIONS TOTAL FACTOR PRODUCTIVITY TOTAL FACTOR PRODUCTIVITY GROWTH TRANSPARENCY TREASURY UNDERVALUATION UNEMPLOYMENT VALUE ADDED WAGES WORLD TRADE ORGANIZATION WTO This country economic memorandum shows that fiscal imbalances are key to understanding Turkey's inflation problem, and its volatile growth. Its findings suggest that the country's inability to sustain high growth can be closely linked, among many factors, to the lack of macroeconomic stability. Unsustainable fiscal policy, has put repeated pressure on its currency, and led to chronic, and high inflation. Thus, when facing crises, fiscal policy has been unable to withstand, or influence on the business cycle; instead contractionary policies have been implemented to achieve monetary stability, actually worsening the real impact of shocks. It is also suggested that previous attempts at stabilization, failed precisely because they did not address the structural sources of fiscal deficit. Following an analysis on Turkey's macroeconomic framework, the report reviews the reform agenda on the infrastructure, agriculture, and banking sectors, and the country's medium-term prospects, but emphasizes the influence of the policy environment on total factor productivity growth, as a key explanatory factor, recommending structural policies to generate at least a primary surplus of three percent of GNP, prioritize social security, and social assistance, and avoid unsustainable contingent liabilities, by deregulating energy and telecommunications sectors, and, pursue financial sector reform. 2013-08-09T21:03:38Z 2013-08-09T21:03:38Z 2000-09-15 http://documents.worldbank.org/curated/en/2000/09/692906/turkey-country-economic-memorandum-structural-reforms-sustainable-growth-vol-1-2-main-report http://hdl.handle.net/10986/14987 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank Washington, DC Europe and Central Asia Turkey |