Publication: Leveraging Global Value Chains for growth in Turkey: A Turkey Country Economic Memorandum
Date
2022-03-02
ISSN
Published
2022-03-02
Author(s)
World Bank
Abstract
Turkey saw phenomenal growth in the
2000s as economic reforms ushered in FDI, GVCs expanded, and
productivity increased. The early 2000s saw Turkey exit from
major economic crisis with a strengthened fiscal framework,
a strengthened, inflation-targeting mandate for the Central
Bank, the establishment of an independent bank regulator,
and importantly, a recently agreed Customs Union agreement
with the EU. From 2001 to 2017, incomes per capita in Turkey
doubled in real terms and tripled in current dollar terms.
Turkey transformed from a lower-middle-income country (LMIC)
at the start of the 2000s to very nearly reaching
high-income status by 2014. This drove a rapid fall in
poverty from above 30 percent to just 9 percent1. Very few
other countries matched Turkey’s growth over this period,
and almost all of them were new EU member states.
Citation
“World Bank. 2022. Leveraging Global Value Chains for growth in Turkey: A Turkey Country Economic Memorandum. © Washington, DC: World Bank. http://hdl.handle.net/10986/37095 License: CC BY 3.0 IGO.”