Fiscal discipline and a tight fiscal policy continue to be the main pillars of Turkey's economic program, and both have contributed substantially to disinflation, as well as to the strong growth performance. In addition to its sound macroeconomic policies, Turkey has implemented a comprehensive and far-reaching structural reform agenda. Compared with the experiences of other countries, Turkey's success has been remarkable, primarily on the back of its speed in carrying out structural and institutional changes. Indeed, Turkey has made great progress in restructuring its financial sector, as well as in improving public sector governance and its business environment.
The structural reforms that have been implemented are aimed at:
increasing the role of the private sector in the Turkish economy
enhancing the efficiency and resiliency of the finance sector
placing the social security system on a more sound basis.
These reforms have strengthened macroeconomic fundamentals of the Turkish economy.
Sound economic policies combined with vigorous economic reforms have yielded favorable results; the economy has sustained robust economic growth over the last eight years. Due to resolutely implemented structural reforms and successful macroeconomic policies, Turkey has become one of the fastest-growing economies in its region.
Stability and High Performance in the Economy
Between 2002 and 2011:
GDP increased by 234 percent, reaching USD 772 billion
Annual average real GDP growth of 5.2 percent
Public debt stock decreased from 74 percent of GDP to 39.4 percent of GDP
Budget deficit decreased from 10 percent of GDP to less than 3 percent of GDP
Phone and Fax:
+90 (212) 256 80 06 - 256 69 80 - 256 65 69
Address: Aydede Cad. No: 4/3, Taksim, Istanbul, Turkey