Economy Flashcards
what has TR achieved in the last 2 decades?
, Turkey has made a remarkable economic leap growth completing its transition to an open, free-market, middle-income economy that has entered the G20 and aspires to become the tenth largest economy of the world by 2023.
what has TR economic succes done?
•Turkey’s economic success has raised European interest and is viewed as a potential growth engine for Europe.
what happened after the Republic was founded?
wars, Turkey developed as a market economy with liberalized prices and a respectable system of property rights.
the Kemalist doctrine of statism, was heavily involved in the ownership and management of the economy. Within this economic framework, Turkey enjoyed remarkable average growth rates driven by a state-led modernization process.
what was the economic deveklpometn like between 1970-2002?
• Between 1970 and 2002, Turkey attained an average GDP growth rate of . growth was fuelled by the emerging industrial and service sectors.
liberalization of the economy under Turgut Özal in the 1980s.
what was the Ozal period like?
• The Özal period of structural reform.
This included reduction in public expenditure and state subsidies, the reform of the tax regime, the introduction of flexible exchange rates, liberalization measures aimed at attracting foreign direct investment (FDI), and the opening of the Turkish capital account.
what happened in 1963,70 and the CU?
• The 1963 Association Agreement followed by the 1970 Additional Protocol foresaw Turkey’s deepening economic ties to the Community. Yet Turkey’s economic instability critically affected its development, delaying for over 30 years its entry into the EU customs union, promised back in 1963
When did TR join the CU?
• The 1996
what did TR sign in 1999 and 2000
a new stand-by agreement with the IMF which the government had to accept external (economic) conditionalities in preparation to grant Turkey EU candidacy. Turkey made some progress in complying with the IMF loan conditions in 2000, reducing its fiscal deficit, proceeding with privatization and introducing a crawling exchange rate to lower inflation.
how were the success wiped out?
major economic crises which struck Turkey in November 2000 and February 2001.
sparked by a political dispute between the prime minister and the president, which triggered a rush to the dollar in financial markets.
what happened in 2001
•In 2001, the government signed a US$12 billion agreement with the IMF, subscribed to a new reform programme. Banking and regulatory reforms, budget cuts and privatization were at the core of the reform programme
generated push for political change
results of the 2002 elections
(AKP), which rose
what was the TR economy like in first 2 decades of 21th century ?
the Turkish economy thus entered a period of sustained boom
average GDP growth, , and poverty falling
Turkey rose to become the sixteenth largest economy worldwide, a member of the G20, and Europe’s sixth largest economy.
what are the developments in recent years?
• The vulnerability of the economy has further increased in recent years, particularly after 2011,
Turkish government has reversed some of the key regulatory reforms that had been part of the Dervis¸ reform programme. Most independent regulatory agencies, such as those in the energy and telecommunication sectors, were re-attached to the appropriate ministries. Day-to-day interference by the government
The way public administration and economic regulation function today has changed i
what are the 3 lenses of TR-EU relations in economic matter?
- When Turkey is viewed as an EU candidate country, attention shifts from Turkey’s economic potential to the structural deficiencies of the Turkish economy.
- A prime issue relates to the budgetary costs of Turkey’s EU membership.the relative distribution of EU funds that would change as a result of Turkey’s accession.
Turkey’s role as a regional economic trade and energy hub.
• When Turkey is viewed as an EU neighbour, the full potential of its regional economic role is appreciated in Europe,
• Finally, when Turkey is viewed as a global actor yet another European narrative emerges. Turkey’s growing global role in the context of the emerging multipolarity of the international system
