Turkey - Country Economic Memorandum : Structural Reforms for Sustainable Growth, Volume 2. Statistical Annex

[摘要] This country economic memorandum showsthat fiscal imbalances are key to understandingTurkey's inflation problem, and its volatile growth.Its findings suggest that the country's inability tosustain high growth can be closely linked, among manyfactors, to the lack of macroeconomic stability.Unsustainable fiscal policy, has put repeated pressure onits currency, and led to chronic, and high inflation. Thus,when facing crises, fiscal policy has been unable towithstand, or influence on the business cycle; insteadcontractionary policies have been implemented to achievemonetary stability, actually worsening the real impact ofshocks. It is also suggested that previous attempts atstabilization, failed precisely because they did not addressthe structural sources of fiscal deficit. Following ananalysis on Turkey's macroeconomic framework, thereport reviews the reform agenda on the infrastructure,agriculture, and banking sectors, and the country'smedium-term prospects, but emphasizes the influence of thepolicy environment on total factor productivity growth, as akey explanatory factor, recommending structural policies togenerate at least a primary surplus of three percent of GNP,prioritize social security, and social assistance, and avoidunsustainable contingent liabilities, by deregulating energyand telecommunications sectors, and, pursue financial sector reform.

[发布日期] 2000-09-15 [发布机构] Washington, DC

[学科分类] 社会科学、人文和艺术（综合）

[关键词] AGRICULTURE;BALANCE OF PAYMENTS;BALANCE SHEET;BANK SERVICE CHARGES;BORROWING