Tackling Turkey's External and Domestic Macroeconomic Imbalances:
Effective macroeconomic and structural policies helped Turkey bounce back quickly and strongly from the global crisis, with annual growth averaging close to 9% over 2010-11. However, the current account deficit widened to around 10% of GDP in 2011 and consumer price inflation rose to over 10%. The e...
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| Weitere Verfasser: | , , |
| Format: | Elektronisch E-Book |
| Sprache: | English |
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Paris
OECD Publishing
2012
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| Schriftenreihe: | OECD Economics Department Working Papers
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| Online-Zugang: | kostenfrei |
| Zusammenfassung: | Effective macroeconomic and structural policies helped Turkey bounce back quickly and strongly from the global crisis, with annual growth averaging close to 9% over 2010-11. However, the current account deficit widened to around 10% of GDP in 2011 and consumer price inflation rose to over 10%. The external deficit, which is far too large for comfort, is a source of vulnerability. So is high inflation, even if it partly reflects transient factors. These imbalances signal competitiveness problems and a dearth of domestic saving. They need to be addressed using both macroeconomic and structural policy levers. Monetary policy has recently tried to reduce the volatility of capital flows but inflation has been high and volatile. The inflation target needs to be given greater prominence. The fiscal stance remains broadly appropriate but could be tighter, if warranted, to complement monetary restraint and help keep the real exchange rate on a sustainable path. More balanced growth through strengthened competitiveness and greater private saving calls inter alia for increased labour force participation, accelerated formalisation, stronger productivity growth, improvements in financial literacy and a more attractive menu of saving instruments. Improvements in the business environment would spur foreign direct investment, making for healthier funding of the external gap. This Working Paper relates to the 2012 OECD Economic Survey of Turkey (www.oecd.org/eco/surveys/turkey) |
| Beschreibung: | 1 Online-Ressource (40 Seiten) 21 x 29.7cm |
| DOI: | 10.1787/5k92smvqbb8v-en |
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| 520 | |a Effective macroeconomic and structural policies helped Turkey bounce back quickly and strongly from the global crisis, with annual growth averaging close to 9% over 2010-11. However, the current account deficit widened to around 10% of GDP in 2011 and consumer price inflation rose to over 10%. The external deficit, which is far too large for comfort, is a source of vulnerability. So is high inflation, even if it partly reflects transient factors. These imbalances signal competitiveness problems and a dearth of domestic saving. They need to be addressed using both macroeconomic and structural policy levers. Monetary policy has recently tried to reduce the volatility of capital flows but inflation has been high and volatile. The inflation target needs to be given greater prominence. The fiscal stance remains broadly appropriate but could be tighter, if warranted, to complement monetary restraint and help keep the real exchange rate on a sustainable path. More balanced growth through strengthened competitiveness and greater private saving calls inter alia for increased labour force participation, accelerated formalisation, stronger productivity growth, improvements in financial literacy and a more attractive menu of saving instruments. Improvements in the business environment would spur foreign direct investment, making for healthier funding of the external gap. This Working Paper relates to the 2012 OECD Economic Survey of Turkey (www.oecd.org/eco/surveys/turkey) | ||
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| spelling | Röhn, Oliver Verfasser aut Tackling Turkey's External and Domestic Macroeconomic Imbalances Oliver Röhn ... [et al] = Corriger les déséquilibres macroéconomiques externes et internes en Turquie / Oliver Röhn ... [et al] Corriger les déséquilibres macroéconomiques externes et internes en Turquie Paris OECD Publishing 2012 1 Online-Ressource (40 Seiten) 21 x 29.7cm txt rdacontent c rdamedia cr rdacarrier OECD Economics Department Working Papers Effective macroeconomic and structural policies helped Turkey bounce back quickly and strongly from the global crisis, with annual growth averaging close to 9% over 2010-11. However, the current account deficit widened to around 10% of GDP in 2011 and consumer price inflation rose to over 10%. The external deficit, which is far too large for comfort, is a source of vulnerability. So is high inflation, even if it partly reflects transient factors. These imbalances signal competitiveness problems and a dearth of domestic saving. They need to be addressed using both macroeconomic and structural policy levers. Monetary policy has recently tried to reduce the volatility of capital flows but inflation has been high and volatile. The inflation target needs to be given greater prominence. The fiscal stance remains broadly appropriate but could be tighter, if warranted, to complement monetary restraint and help keep the real exchange rate on a sustainable path. More balanced growth through strengthened competitiveness and greater private saving calls inter alia for increased labour force participation, accelerated formalisation, stronger productivity growth, improvements in financial literacy and a more attractive menu of saving instruments. Improvements in the business environment would spur foreign direct investment, making for healthier funding of the external gap. This Working Paper relates to the 2012 OECD Economic Survey of Turkey (www.oecd.org/eco/surveys/turkey) Economics Turkey Gönenç, Rauf ctb Koen, Vincent ctb Karaşahin, Ramazan ctb https://doi.org/10.1787/5k92smvqbb8v-en Verlag kostenfrei Volltext |
| spellingShingle | Röhn, Oliver Tackling Turkey's External and Domestic Macroeconomic Imbalances Economics Turkey |
| title | Tackling Turkey's External and Domestic Macroeconomic Imbalances |
| title_alt | Corriger les déséquilibres macroéconomiques externes et internes en Turquie |
| title_auth | Tackling Turkey's External and Domestic Macroeconomic Imbalances |
| title_exact_search | Tackling Turkey's External and Domestic Macroeconomic Imbalances |
| title_exact_search_txtP | Tackling Turkey's External and Domestic Macroeconomic Imbalances |
| title_full | Tackling Turkey's External and Domestic Macroeconomic Imbalances Oliver Röhn ... [et al] = Corriger les déséquilibres macroéconomiques externes et internes en Turquie / Oliver Röhn ... [et al] |
| title_fullStr | Tackling Turkey's External and Domestic Macroeconomic Imbalances Oliver Röhn ... [et al] = Corriger les déséquilibres macroéconomiques externes et internes en Turquie / Oliver Röhn ... [et al] |
| title_full_unstemmed | Tackling Turkey's External and Domestic Macroeconomic Imbalances Oliver Röhn ... [et al] = Corriger les déséquilibres macroéconomiques externes et internes en Turquie / Oliver Röhn ... [et al] |
| title_short | Tackling Turkey's External and Domestic Macroeconomic Imbalances |
| title_sort | tackling turkey s external and domestic macroeconomic imbalances |
| topic | Economics Turkey |
| topic_facet | Economics Turkey |
| url | https://doi.org/10.1787/5k92smvqbb8v-en |
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