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Turkey: Recent Economic Developments and Selected Issues

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  • International Monetary Fund

Abstract

This paper reviews economic developments in Turkey during 1994–97. Real wages increased rapidly during 1989–93, dropped sharply in 1994–95, and have since recovered modestly. Real wage flexibility stems in part from the absence of widespread wage indexation, despite chronic high inflation. Rapid gross national product (GNP) growth, averaging 7.7 percent a year during 1995–97, raised GNP per capita to above US$3,000 in 1997. Most of this dynamism originated from the industrial and trade sectors. Industry grew by 10.4 percent in 1997, led by a strong performance of private manufacturing (14.2 percent).

Suggested Citation

  • International Monetary Fund, 1998. "Turkey: Recent Economic Developments and Selected Issues," IMF Staff Country Reports 1998/104, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:1998/104
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    Cited by:

    1. Aysan, Ahmet Faruk & Al, Huseyin, 2006. "Assessing the Preconditions in Establishing an Independent Regulatory and Supervisory Agency in Globalized Financial Markets: The Case of Turkey," MPRA Paper 5481, University Library of Munich, Germany.

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