{
  "title": "Turkey: 2018 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Turkey",
  "publication": "IMF Staff Country Reports, April 30, 2018",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2018/04/30/turkey-2018-article-iv-consultation-press-release-staff-report-and-statement-by-the-45822",
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  "summary": "Growth rebounded sharply in 2017, helped by strong policy stimulus in the wake of the 2016 post-coup attempt slump and by favorable external conditions. Although expansionary policies were initially warranted, they are no longer appropriate as the economy is showing clear signs of overheating.",
  "sections": [
    {
      "heading": "Growth and recent developments",
      "content": "- Growth rebounded sharply in 2017, helped by strong policy stimulus in the wake of the 2016 post-coup attempt slump and by favorable external conditions.\n- Expansionary policies that were initially warranted are no longer appropriate as the economy is showing clear signs of overheating.\n- Political uncertainty and regional instability remain elevated.\n- The integration of the many refugees poses challenges."
    },
    {
      "heading": "Monetary and fiscal stance",
      "content": "- Monetary policy appears too loose and its credibility is low.\n- On- and off-budget fiscal policies (including credit guarantee schemes and PPP activities) are expansionary and risk undermining Turkey’s hard-earned fiscal credibility.\n- Policy implication stated in the source: expansionary policies should be withdrawn given overheating."
    },
    {
      "heading": "Internal and external imbalances",
      "content": "- The economy faces internal and external imbalances:\n  - A positive output gap.\n  - Inflation well above target.\n  - A current account deficit of more than 5 percent of GDP."
    },
    {
      "heading": "Subject areas and keywords (as listed in the source)",
      "content": "- Subject: Current account deficits, Expenditure, External debt, Financial institutions, Foreign exchange, Inflation, Loans, Prices, Public investment and public-private partnerships (PPP)\n- Keywords: authority, commercial loan, CR, economy, Global, growth contribution, headline CPI inflation, impairment signal, Inflation, inflation spillover, ISCR, labor market, Loans, policy, Public investment and public-private partnerships (PPP), public-private partnership, quality weakness, state loan guarantee\n\n---\n\n Content in this bundle\n\n- Country Report\n  - Country Report (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Country Report (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: April 30, 2018",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9781484353196.002",
    "Growth rebounded sharply in 2017, helped by strong policy stimulus in the wake of the 2016 post-coup attempt slump and by favorable external conditions.",
    "Expansionary policies that were initially warranted are no longer appropriate as the economy is showing clear signs of overheating.",
    "Political uncertainty and regional instability remain elevated.",
    "The integration of the many refugees poses challenges.",
    "Monetary policy appears too loose and its credibility is low.",
    "On- and off-budget fiscal policies (including credit guarantee schemes and PPP activities) are expansionary and risk undermining Turkey’s hard-earned fiscal credibility.",
    "Policy implication stated in the source: expansionary policies should be withdrawn given overheating.",
    "The economy faces internal and external imbalances:",
    "Subject: Current account deficits, Expenditure, External debt, Financial institutions, Foreign exchange, Inflation, Loans, Prices, Public investment and public-private partnerships (PPP)",
    "Keywords: authority, commercial loan, CR, economy, Global, growth contribution, headline CPI inflation, impairment signal, Inflation, inflation spillover, ISCR, labor market, Loans, policy, Public investment and public-private partnerships (PPP), public-private partnership, quality weakness, state loan guarantee",
    "**Country Report**"
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