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Turkey - Country Economic Memorandum - promoting sustained growth and convergence with the European Union (Vol. 2) : Expanded report (Inglês)

The European Union (EU) accession process will continue to be a driving force for Turkey's reform efforts. Commitment to sound economic policies since 2001 has placed the Turkish economy in a good position to embark on a sustained path of faster growth. The process of EU accession that was launched on October 3 2005, will provide an anchor for the continuation and deepening of reforms in the years ahead, thus fostering Turkey's growth potential, and accelerating convergence to EU living standards. This study aims to contribute to the ongoing process of elaborating a strategic vision on Turkey's policy priorities during EU accession. The thrust of the analysis in the Country Economic Memorandum (CEM) is on two simultaneous challenges: 1) How would Turkey take advantage of policy and institutional convergence with the EU, while managing the broader development agenda that lies outside the scope of the EU Acquis, so as to prioritize reforms with the greatest benefits for growth with social inclusion? 2) How could Turkey smoothly manage the EU accession process, by appropriately sequencing reforms, and alignment with the EU Acquis, so as to best prepare for EU accession and minimize the costs of transition? This study reviews the macroeconomic factors affecting Turkey's capacity to sustain faster medium-term growth, and job creation; addresses overarching challenges in public finance management and policy coordination; reviews policy priorities for improving the functioning of key markets and the efficiency of production factors-such as product market regulations; labor market reform; financial sector development; innovation and skills; infrastructure services, and agriculture. It also provides an overview of challenges for inclusive growth, addressing issues in rural development, social inclusion, and cost-effectiveness of health care services. The expanded report (Volume II) provides the full analytical background of the findings highlighted in the main report (Volume I). The report suggests Turkey should take advantage of the EU accession process as an anchor for continuing reform, economic stability, and accelerated growth, outlining the speed of convergence to EU average living standards, will depend on the pace of structural reform. It stipulates reforms should be conducted with the aim of sustaining faster and inclusive growth, while preparing for E U accession-by maintaining a stable macroeconomic and fiscal framework, improving the functioning of key markets and the efficiency of production factors, and ensuring cost-effectiveness of safety nets.

Detalhes

  • Data do documento

    2006/02/23

  • TIpo de documento

    Memorando Econômico do País

  • No. do relatório

    33549

  • Nº do volume

    2

  • Total Volume(s)

    2

  • País

    Türkiye,

  • Região

    Europa e Ásia Central,

  • Data de divulgação

    2006/03/08

  • Disclosure Status

    Disclosed

  • Nome do documento

    Expanded report

  • Palavras-chave

    Poverty Reduction & Economic Management;per capita income growth;high real interest rate;flexible exchange rate regime;expansion of consumer credit;employment elasticity of growth;negative impact on growth;short term interest rate;current level of debt;public sector borrowing requirement;active labor market program;gross fixed capital formation;annual per capita income;total factor productivity growth;sale price;current account deficit;foreign direct investment;working age population;labor productivity growth;inflation targeting regime;unit labor costs;international capital market;real exchange rate;acquisition of skill;coefficient of variation;increase in labor;current account imbalance;macroeconomic policy framework;emerging market economy;terms of trade;tertiary education indicator;cost of finance;return on investment;labor force participation;amount of privatization;labor force growth;access to finance;prudent fiscal policy;impact of volatility;public health expenditure;safety at work;high oil price;high growth rate;foreign exchange market;reduction of inflation;long term financing;average employment rate;tight fiscal policy;public sector consumption;long term growth;burden of reform;fast economic growth;average inflation rate;life insurance premium;banking sector asset;share of employment;public sector debt;financial sector development;free trade area;current account balance;motor vehicle accident;digital subscriber line;net public debt;banking sector reform;capital flow reversal;demand for import;country economic memorandum;total wage bill;consumer goods imports;annex annex;financing of investment;stock exchange market;short term credit;international interest rate;cross country evidence;nominal exchange rate;higher interest rate;primary budget surplus;foreign currency deposit;reduction in tax;total public debt;short-term real interest;competitive exchange rate;fiscal consolidation effort;increase in inflation;world energy market;exchange rate adjustment;exchange rate appreciation;fiscal adjustment;monetary policy;domestic demand;labor utilization;primary surplus;Exchange Rates;comparator country;income convergence;domestic saving;debt sustainability;employment generation;price stability;Fiscal policies;high volatility;real gdp;fiscal performance;personnel expenditure;official reserve;total employment;trade balance;fiscal stance;state bank;inflation forecast;market confidence;risk premium;raw material;fiscal discipline;turnover ratio;employment ratios;stable inflation;real appreciation;capital good;Macroeconomic Stability;primary balance;infrastructure service;intensive products;annual investment;budget agency;external shock;private saving;investment climate;output growth;output volatility;employment growth;investment expenditure;competition policy;income gap;macroeconomic instability;short-term capital;license fee;patent application;public deficit;equity market;reading literacy;market capitalization;tax purpose;administrative barrier;outstanding bond;core inflation;population group;audit information;industrial price;poor health;pharmaceutical expenditure;world trade;income share;project debt;government function;debt projection;external financing;contract enforcement;social security;average tax;wage level;overtime pay;domestic debt;downside scenario;inflationary expectation;policy tool;credit growth;fiscal program;default risk;high inflation;fiscal imbalance;fiscal position;Learning and Innovation Credit;monetary framework;real depreciation;explanatory variable;productive efficiency;macroeconomic volatility;banking system;capital outflow;employment share;high employment;working-age population;currency substitution;rising debt;private bank;deposit dollarization;housing loan;foreign affiliate;corporate bond;market expectation;target range;supply-side shocks;excess volatility;working population;open economy;portfolio value;chronic inflation;expenditure allocation;interest expenditure;primary spending;fixed rate

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