{
  "title": "Turkey: Staff Report for the 2013 Article IV Consultation",
  "publication": "IMF Staff Country Reports, December 20, 2013",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2016/12/31/turkey-staff-report-for-the-2013-article-iv-consultation-41135",
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  "summary": "This 2013 Article IV Consultation highlights that 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.",
  "publishDate": "2013-12-20",
  "series": "IMF Staff Country Reports",
  "sections": [
    {
      "heading": "Key findings: 2012–2013 macroeconomic developments",
      "content": "- The Turkish economy achieved a welcome reduction of imbalances in 2012.\n- In 2013, growth has accelerated significantly on the back of a monetary and fiscal policy stimulus.\n- The economy is projected to expand by 3.8 percent in 2013, with private consumption and public investment as the main contributors.\n- With this rotation back to domestic demand-led growth, the current account deficit is widening again.\n- Inflation remains above target.\n- The authorities are on track to meet their 2013 budget targets, despite rapid spending growth.\n- Executive Directors have expressed satisfaction that the Turkish financial system is generally sound."
    },
    {
      "heading": "Policy stance and risks",
      "content": "- Monetary and fiscal policy stimulus in 2013 supported a significant acceleration in growth.\n- Fiscal outcomes: authorities expected to meet their 2013 budget targets despite rapid spending growth.\n- External sector: the rotation to domestic demand-led growth is associated with a widening current account deficit.\n- Price stability: inflation remains above target, posing a policy challenge."
    },
    {
      "heading": "Financial sector assessment",
      "content": "- Executive Directors judged the Turkish financial system to be generally sound."
    },
    {
      "heading": "Subject coverage and keywords (as listed)",
      "content": "- Subject: Balance of payments, Banking, Current account deficits, Exchange rates, Fiscal policy, Fiscal stance, Foreign exchange\n- 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\n\nTurkey: Staff Report for the 2013 Article IV Consultation (IMF Staff Country Reports 2013/363).\n\n---\n\n Content in this bundle\n\n- Turkey: 2013 Article IV Consultation; IMF Country Report 13/363; November 1, 2013\n  - Turkey: 2013 Article IV Consultation; IMF Country Report 13/363; November 1, 2013 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Turkey: 2013 Article IV Consultation; IMF Country Report 13/363; November 1, 2013 (PDF){rel=\"external\" type=\"application/pdf\"}\n- cr13363chart\n  - cr13363chart (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - cr13363chart (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/cr/issues/2016/12/31/turkey-staff-report-for-the-2013-article-iv-consultation-41135"
    }
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    "Published: December 20, 2013",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484303627.002",
    "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.",
    "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.",
    "Executive Directors judged the Turkish financial system to be generally sound.",
    "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: 2013 Article IV Consultation; IMF Country Report 13/363; November 1, 2013**",
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