Turkey: Staff Report for the 2013 Article IV Consultation
IMF Staff Country Reports, December 20, 2013
Source details
- Canonical URL
- Turkey: Staff Report for the 2013 Article IV Consultation
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Bibliographic details
- Published: December 20, 2013
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781484303627.002
Key findings: 2012–2013 macroeconomic developments
- The Turkish economy achieved a welcome reduction of imbalances in 2012.
- In 2013, growth has accelerated significantly on the back of a monetary and fiscal policy stimulus.
- The economy is projected to expand by 3.8 percent in 2013, with private consumption and public investment as the main contributors.
- With this rotation back to domestic demand-led growth, the current account deficit is widening again.
- Inflation remains above target.
- The authorities are on track to meet their 2013 budget targets, despite rapid spending growth.
- Executive Directors have expressed satisfaction that the Turkish financial system is generally sound.
Policy stance and risks
- Monetary and fiscal policy stimulus in 2013 supported a significant acceleration in growth.
- Fiscal outcomes: authorities expected to meet their 2013 budget targets despite rapid spending growth.
- External sector: the rotation to domestic demand-led growth is associated with a widening current account deficit.
- Price stability: inflation remains above target, posing a policy challenge.
Financial sector assessment
- Executive Directors judged the Turkish financial system to be generally sound.
Subject coverage and keywords (as listed)
- Subject: Balance of payments, Banking, Current account deficits, Exchange rates, Fiscal policy, Fiscal stance, Foreign exchange
- Keywords: CR, Current account deficits, deficit target, deficit-to-GDP ratio, economy, Europe, Exchange rates, financial market volatility, fiscal policy stimulus, Fiscal stance, Global, ISCR, Medium-Term Program target, Middle East, nonfuel current account balance, North Africa, rate, Turkey, Turkish lira
Turkey: Staff Report for the 2013 Article IV Consultation (IMF Staff Country Reports 2013/363).
Content in this bundle
- Turkey: 2013 Article IV Consultation; IMF Country Report 13/363; November 1, 2013
- _cr13363chart