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Leveraging Global Value Chains for growth in Turkey - A Turkey Country Economic Memorandum (English)

Turkey saw phenomenal growth in the 2000s as economic reforms ushered in FDI, GVCs expanded, and productivity increased. The early 2000s saw Turkey exit from major economic crisis with a strengthened fiscal framework, a strengthened, inflation-targeting mandate for the Central Bank, the establishment of an independent bank regulator, and importantly, a recently agreed Customs Union agreement with the EU. From 2001 to 2017, incomes per capita in Turkey doubled in real terms and tripled in current dollar terms. Turkey transformed from a lower-middle-income country (LMIC) at the start of the 2000s to very nearly reaching high-income status by 2014. This drove a rapid fall in poverty from above 30 percent to just 9 percent1. Very few other countries matched Turkey’s growth over this period, and almost all of them were new EU member states.

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World Bank

Leveraging Global Value Chains for growth in Turkey - A Turkey Country Economic Memorandum (English). Washington, D.C. : World Bank Group http://documents.worldbank.org/curated/en/099445003022237667/originalNames