Turkey: 2011 Article IV Consultation: Staff Report; Staff Supplements; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Turkey
IMF Staff Country Reports, January 27, 2012
Source details
- Canonical URL
- Turkey: 2011 Article IV Consultation: Staff Report; Staff Supplements; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Turkey
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Bibliographic details
- Published: January 27, 2012
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781463934484.002
Key findings
- The Turkish economy continued to grow strongly through the first half of 2011.
- Growth reflected benefits of institutional reforms and revamped policy frameworks implemented in the previous decade.
- Growth became increasingly fueled by domestic demand and imports.
- Policy responses were insufficient to prevent the development of a large current account deficit and high inflation.
- Executive Directors commended the Turkish authorities for agile economic management during the global crisis, which, together with earlier structural reforms, contributed to a rapid recovery.
Macroeconomic concerns highlighted
- Increasing reliance on domestic demand as a growth driver.
- Rising imports associated with the domestic-demand‑led expansion.
- Development of a large current account deficit.
- High inflation, despite policy actions.
Governance and policy assessment
- Earlier institutional reforms and revamped policy frameworks were identified as important contributors to recovery.
- Executive Directors noted the authorities' agile management during the global crisis as a positive factor in the rapid recovery.
Subjects and keywords
- Subject: Banking, Depreciation, Exports, Financial institutions, Fiscal policy, Fiscal stance, Foreign exchange, Imports, Inflation, International trade, Loans, Prices
- Keywords: Africa, aggregate capital adequacy ratio, CR, estimate, Europe, financial market development, Fiscal stance, Global, IMF staff calculation, IMF staff estimate, Imports, Inflation, ISCR, Loans, staff supplement
International Monetary Fund. "Turkey: 2011 Article IV Consultation: Staff Report; Staff Supplements; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for Turkey", IMF Staff Country Reports 2012, 016 (2012), January 27, 2012.