{
  "title": "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",
  "publication": "IMF Staff Country Reports, January 27, 2012",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/turkey-2011-article-iv-consultation-staff-report-staff-supplements-public-information-notice-25684",
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  "summary": "This 2011 Article IV Consultation highlights that the Turkish economy continued to grow strongly through the first half of 2011, reaping the benefits of institutional reforms and revamped policy frameworks implemented in the previous decade.",
  "publishDate": "2012-01-27",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Key findings",
      "content": "- The Turkish economy continued to grow strongly through the first half of 2011.\n- Growth reflected benefits of institutional reforms and revamped policy frameworks implemented in the previous decade.\n- Growth became increasingly fueled by domestic demand and imports.\n- Policy responses were insufficient to prevent the development of a large current account deficit and high inflation.\n- 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."
    },
    {
      "heading": "Macroeconomic concerns highlighted",
      "content": "- Increasing reliance on domestic demand as a growth driver.\n- Rising imports associated with the domestic-demand‑led expansion.\n- Development of a large current account deficit.\n- High inflation, despite policy actions."
    },
    {
      "heading": "Governance and policy assessment",
      "content": "- Earlier institutional reforms and revamped policy frameworks were identified as important contributors to recovery.\n- Executive Directors noted the authorities' agile management during the global crisis as a positive factor in the rapid recovery."
    },
    {
      "heading": "Subjects and keywords",
      "content": "- Subject: Banking, Depreciation, Exports, Financial institutions, Fiscal policy, Fiscal stance, Foreign exchange, Imports, Inflation, International trade, Loans, Prices\n- 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\n\nInternational 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.\n\n---\n\n Content in this bundle\n\n- Cr1216\n  - Cr1216 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Cr1216 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/turkey-2011-article-iv-consultation-staff-report-staff-supplements-public-information-notice-25684"
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    "Published: January 27, 2012",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781463934484.002",
    "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.",
    "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.",
    "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.",
    "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",
    "**Cr1216**"
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