http://www.turkeyfinancial.com/news/2007/05/27/oecd-economic-outlook-report-on-turkey/ Business and finance news from Turkey Fri, 04 Jul 2008 13:53:17 +0000 hourly 1 http://wordpress.org/?v=3.2.1 http://www.turkeyfinancial.com/news/2007/05/27/oecd-economic-outlook-report-on-turkey/comment-page-1/#comment-273 Turkey Financial News - Business and finance news from Turkey » Turkey experienced impressive economic revival, says IMF Thu, 14 Jun 2007 13:50:06 +0000 http://www.turkeyfinancial.com/news/2007/05/27/oecd-economic-outlook-report-on-turkey/#comment-273 [...] Turkey experienced impressive economic revival, says IMF By meb The International Monetary Fund (IMF) executive board has released its report concluding the Article IV Consultation, which ended on May 18, 2007, and has stated that Turkey has experienced an impressive economic revival in recent years. According to the report sound economic policies anchored to fund arrangements, as well as political stability and favorable external conditions, have resulted in an average annual growth of 7.5 percent in the country since 2002. Private consumption and investment are the main drivers, fueled by declining real interest rates, surging capital inflows, rapid credit expansion and rising productivity. Meanwhile inflation has dropped dramatically over the past five years.These positive outcomes have been driven, in large part, by disciplined policies and advances in structural reforms. On the macroeconomic side, adherence to the 6.5 percent of the gross national product (GNP) primary surplus target combined with monetary policy restraint by an independent central bank have helped bring down inflation, strengthen confidence, and ease real interest rates. The floating exchange rate has been an effective shock absorber and provided good incentives for managing currency risks. On the structural side, bank recapitalization and enhanced supervision, tax reforms, and privatization have restarted private credit growth, promoted foreign direct investment (FDI), and spurred competitiveness. [...] [...] Turkey experienced impressive economic revival, says IMF By meb The International Monetary Fund (IMF) executive board has released its report concluding the Article IV Consultation, which ended on May 18, 2007, and has stated that Turkey has experienced an impressive economic revival in recent years. According to the report sound economic policies anchored to fund arrangements, as well as political stability and favorable external conditions, have resulted in an average annual growth of 7.5 percent in the country since 2002. Private consumption and investment are the main drivers, fueled by declining real interest rates, surging capital inflows, rapid credit expansion and rising productivity. Meanwhile inflation has dropped dramatically over the past five years.These positive outcomes have been driven, in large part, by disciplined policies and advances in structural reforms. On the macroeconomic side, adherence to the 6.5 percent of the gross national product (GNP) primary surplus target combined with monetary policy restraint by an independent central bank have helped bring down inflation, strengthen confidence, and ease real interest rates. The floating exchange rate has been an effective shock absorber and provided good incentives for managing currency risks. On the structural side, bank recapitalization and enhanced supervision, tax reforms, and privatization have restarted private credit growth, promoted foreign direct investment (FDI), and spurred competitiveness. [...]

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