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Macroeconomic Performance of the Republic of Turkey

Macroeconomic Performance of the Republic of Turkey. Prepared by: Blagoy Kitanov Venera Nikolaeva. Background information. Upper middle-income country and a dynamic emerging-market economy Member of the OECD Founding member of the G-20 Joined the World Bank in 1947

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Macroeconomic Performance of the Republic of Turkey

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  1. Macroeconomic Performance of the Republic of Turkey Prepared by: Blagoy Kitanov Venera Nikolaeva

  2. Background information • Upper middle-income country and a dynamic emerging-market economy • Member of the OECD • Founding member of the G-20 • Joined the World Bank in 1947 • The World Bank’s largest borrower in the Europe and Central Asia Region

  3. Three severe financial crises: in 1994, 1999 and 2001 • Reasons for the macroeconomic volatility in the period 1994 – 2001 • lack of fiscal reforms • large and growing public sector deficits • widespread corruption • high inflation • weak banking sector • IMF-backed reforms and assistance from the World Bank since the 2001 financial crisis have reduced macroeconomic instability

  4. After the 2001 crisis, Turkey entered a period of high growth and structural transformation due to a strong reform program which included: • financial-sector reform • privatization • revenue-administration strengthening • investment climate improvements • energy sector reforms • social security reform

  5. From agriculture and heavy industry to diversification and an increasingly large and globalized services sector • Since December 31, 1995, the country is part of the EU customs union • EU accession negotiations were opened in October 2005, but have made slow progress

  6. Goods Market • Exports: • $155.12 billion (2008 est.) • Commodities: apparel, foodstuffs, textiles, metal manufactures, transport equipment • Exporting partners: Germany 11.2%, UK 8.1%, Italy 7%, France 5.6%, Russia 4.4%, Spain 4.3% (2007) • Imports: • $204.8 billion (2008 est.) • Commodities: machinery, chemicals, semi-finished goods, fuels, transport equipment • Import partners: Russia 13.8%, Germany 10.3%, China 7.8%, Italy 5.9%, US 4.8%, France 4.6% (2007) • Current account balance: -$51.68 billion (2008 est.)

  7. Labor Market • Labor force: 23.21 million (about 1.2 million Turks work abroad) 2008 est. • By occupation: agriculture: 29.5% industry: 24.7% services: 45.8% • Unemployment rate: 7.9% (2008 est.)

  8. Key economic indicators - Forecast

  9. Bibliography: • CIA World Factbook https://www.cia.gov/library/publications/the-world-factbook/geos/tu.html#Econ • World Bank http://www.worldbank.org.tr/WBSITE/EXTERNAL/COUNTRIES/ECAEXT/TURKEYEXTN/0,,contentMDK:20630704~menuPK:361720~pagePK:141137~piPK:141127~theSitePK:361712,00.html http://devdata.worldbank.org/AAG/tur_aag.pdf http://www.washjeff.edu/uploadedImages/Academic_Affairs/Study_Abroad/Approved_Programs/turkey-flag_000.gif • Economist Intelligence Unit Country Briefings/Turkey http://www.economist.com/countries/Turkey/profile.cfm?folder=Profile-Forecast http://www.economist.com/countries/Turkey/profile.cfm?folder=Profile-FactSheet http://www.economist.com/countries/Turkey/profile.cfm?folder=Profile%2DEconomic%20Data

  10. Thank You for Your Attention

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