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GROWTH AND ECONOMIC CRISES IN TURKEY: LEAVING BEHIND A...

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Growth and economic crises in Turkey: leaving behind a turbulent past?

39 pages, pdf
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 Growth and economic crises in Turkey: leaving behind a turbulent past? 

 

 Publisher: European Commission Directorate-General for Economic and Financial Affairs

 Volume: 39 pages, pdf

 Description

The main purpose of this paper is to assess whether the current economic crisis which affects not only Turkey, but countries around the world, has any significant similarities to the crises that engulfed Turkey in the 1990s. One immediately obvious difference is that while in the 1990s the factors triggering Turkey's economic instability were largely domestic its current crisis has paralleled the international financial and economic turmoil. But, these different trigger factors notwithstanding, it is still useful to compare how the Turkish economy has behaved in the two crisis situations in order to ascertain whether and to what extent macroeconomic and structural policy shortcomings have been corrected. It is also important to determine how resilient Turkey's economy is to domestic and international economic volatility in order to assess the sustainability of the accelerated economic convergence process on which Turkey embarked after the 2001 crisis.