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Türkiye Economic Monitor, March 2024: On the Right Tack

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dc.contributor.authorWorld Bank
dc.date.accessioned2024-06-03T16:08:53Z
dc.date.available2024-06-03T16:08:53Z
dc.date.issued2024-06-03
dc.description.abstractTürkiye’s economic policies helped quickly recover from the COVID pandemic. The policies being implemented since late 2021 were built on loose monetary policy, prudent fiscal policy, boosting exports and employment, and managed to deliver strong GDP growth in 2022. These policies, -in addition to the rise in energy prices amid geopolitical tensions and the global monetary tightening cycle-, however also led to a very rapid increase in inflation, a widening of the current account deficit and the decline in the reserves which in turn affected investors’ risk perception adversely and increased macro financial pressures in the run up to the May 2023 elections. As a consequence, the growth momentum also slowed down starting from the second half of 2022. Following the elections, the new government started a process of normalization in macroeconomic policies in 2023H2 with an emphasis on tightening monetary policy to achieve disinflation. The monetary policy rate hikes, ongoing simplification in the macroprudential policy framework, and the correction in the exchange rate since May 2023 have helped to gradually rebuild confidence in the economy, and the tax hikes have helped reduce the fiscal deficit. The impact of the new policy framework has started to be reflected in the reduction in risk premia, realignment of interest rates, strengthening in foreign exchange reserves, and the improvements in the assessment of credit rating agencies.en
dc.identifierhttp://documents.worldbank.org/curated/en/099458505312431939/IDU192f13edf11627147e918f3c10886dbf7d0f1
dc.identifier.doi10.1596/41641
dc.identifier.urihttps://hdl.handle.net/10986/41641
dc.languageEnglish
dc.language.isoen_US
dc.publisherWashington, DC: World Bank
dc.rightsCC BY-NC 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttps://creativecommons.org/licenses/by-nc/3.0/igo
dc.subjectECONOMIC GROWTH DIAGNOSTICS
dc.subjectINFLATION
dc.subjectMACROECONOMIC ANALYSIS OF ECONOMIC DEVELOPMENT
dc.subjectECONOMIC GROWTH ANALYTICS
dc.subjectDECENT WORK AND ECONOMIC GROWTH
dc.subjectSDG 8
dc.titleTürkiye Economic Monitor, March 2024en
dc.title.subtitleOn the Right Tack
dc.typeReport
dspace.entity.typePublication
okr.crossref.titleTürkiye Economic Monitor, March 2024: On the Right Tack
okr.date.disclosure2024-06-03
okr.date.lastmodified2024-05-31T00:00:00Zen
okr.doctypeEconomic & Sector Work
okr.doctypeEconomic & Sector Work::Economic Updates and Modeling
okr.docurlhttp://documents.worldbank.org/curated/en/099458505312431939/IDU192f13edf11627147e918f3c10886dbf7d0f1
okr.guid099458505312431939
okr.identifier.docmidIDU-92f13edf-1627-47e9-8f3c-0886dbf7d0f1
okr.identifier.doihttps://doi.org/10.1596/41641
okr.identifier.externaldocumentum34328417
okr.identifier.internaldocumentum34328417
okr.identifier.report190752
okr.import.id4343
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/099458505312431939/pdf/IDU192f13edf11627147e918f3c10886dbf7d0f1.pdfen
okr.region.administrativeMiddle East and North Africa
okr.region.countryTürkiye
okr.topicMacroeconomics and Economic Growth::Economic Growth
okr.topicMacroeconomics and Economic Growth::Economic Development
okr.topicMacroeconomics and Economic Growth::Economic Policy, Institutions and Governance
okr.topicMacroeconomics and Economic Growth::Inflation
okr.topicGovernance::Governance and the Financial Sector
okr.unitEFI-ECA-MTI-MacroFiscal-1 (EECM1)
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