Turkey: Recent Economic Developments

IMF Staff Country Reports, June 8, 1995

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Turkey: Recent Economic Developments

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Bibliographic details

• Published: June 8, 1995
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781451837971.002

Key developments (1992–95)

• Economic activity expanded sharply in 1993.
• Expansion in 1993 was sustained by buoyant domestic demand underpinned by expansionary fiscal and monetary policies.
• The expansion was accompanied by a large deterioration in the current account position.
• The unsustainability of the 1993 policy stance resulted in an exchange and financial market crisis in the first months of 1994.
• In April 1994, the authorities announced a comprehensive stabilization program that included:
  • substantial fiscal retrenchment,
  • monetary tightening, and
  • a structural reform agenda intended to strengthen the adjustment effort over the medium term.

Subject coverage and keywords

• Subject areas: Banking, Commercial banks, Economic sectors, External debt, Financial institutions, Foreign exchange, Inflation, Prices, Public sector.
• Keywords: banking system, Commercial banks, CR, current account, Eastern Europe, economic activity, exchange rate, financial market, Inflation, ISCR, Middle East, North Africa, private sector, Public sector, Turkish lira, U.S. dollar.

Publication metadata (selected)

• Pages: 136
• Volume: 1995
• Issue: 043
• Series: Country Report No. 1995/043
• DOI: https://doi.org/10.5089/9781451837971.002
• ISBN: 9781451837971
• ISSN: 1934-7685

Turkey: Recent Economic Developments, IMF Staff Country Reports, June 8, 1995