Overview of the Turkish Economy
The aim of this chapter is to introduce the reader to the background of the Turkish economy by focusing on major economic and financial events that took place mainly after the establishment of the Turkish Republic in 1923. The chronological analysis is divided into six sub-sections reflecting the periods when major economic policy shifts occurred in Turkey. At the outset, the economic activity in the Ottoman period (pre-Turkish Republic) and in the early years of the Turkish Republic is introduced. Subsequent sections focus on state-led development strategies between 1930 and 1950, the liberalization period and the expansion of the private sector in the 1950s, import substitution and inward growth strategies in the 1960s, the era of capital account and financial liberalization after the 1980s, and finally, recent developments after the 2001 financial crises.
KeywordsInterest Rate Foreign Direct Investment Gross Domestic Product International Monetary Fund Current Account Deficit
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