OECD Economic Surveys: Turkey 2018

Business & Finance, Economics
Cover of the book OECD Economic Surveys: Turkey 2018 by Collectif, OECD
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Author: Collectif ISBN: 9789264305984
Publisher: OECD Publication: August 30, 2018
Imprint: OECD Language: English
Author: Collectif
ISBN: 9789264305984
Publisher: OECD
Publication: August 30, 2018
Imprint: OECD
Language: English

The Turkish economy bounced back strongly after the failed coup in July 2016 but going forward growth is set to be closer to potential. The exchange rate has depreciated considerably, inflation is high and so is the current account deficit. Growth has been overly dependent on consumption and external savings and should be rebalanced by improving export performance. There is ample room to improve the quality of governance, including with respect to fiscal, monetary and macroprudential policy. Progress in these areas would help bring about disinflation and reduce risk premia, thus lowering financing costs. Coupled with increased foreign direct investment, this would contribute to improve the quality of business capital formation, and to generate high-quality sustainable jobs for the rapidly expanding labour force.

SPECIAL FEATURE: UPGRADING BUSINESS INVESTMENT

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The Turkish economy bounced back strongly after the failed coup in July 2016 but going forward growth is set to be closer to potential. The exchange rate has depreciated considerably, inflation is high and so is the current account deficit. Growth has been overly dependent on consumption and external savings and should be rebalanced by improving export performance. There is ample room to improve the quality of governance, including with respect to fiscal, monetary and macroprudential policy. Progress in these areas would help bring about disinflation and reduce risk premia, thus lowering financing costs. Coupled with increased foreign direct investment, this would contribute to improve the quality of business capital formation, and to generate high-quality sustainable jobs for the rapidly expanding labour force.

SPECIAL FEATURE: UPGRADING BUSINESS INVESTMENT

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