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The Causes And Consequences Of Economical Disturbances In Turkey (As Of 2002)

1221 words - 5 pages

The Causes and Consequences of Economical Disturbances in TurkeyThe lands of Turkey are located at a point where the three continents making up the old world. Asia, Africa and Europe are closest to each other, and straddle the point where Europe and Asia meet. Geographically, the country is located in the northern half of the hemisphere at a point that is about halfway between the equator and the North Pole. Turkey is roughly rectangular in shape and is 1,660 kilometers wide.Because of its geographical location the mainland of Anatolia has always found favor throughout history, and is the birthplace of many great civilizations. It has also been prominent as a centre of commerce because of its land connections to three continents and the sea surrounding it on three sides.Today, Turkey has a free market economy oriented to Western markets. The share of agriculture in the economy is decreasing as industry and services continue to expand rapidly. In Turkey, 43 percent of all employed persons work in agriculture. However today, agriculture only contributes 18 percent of the gross national product. The country has undertaken economic reforms over the past 15 years that have reduced the government's role in the economy and permitted the private sector to thrive. An export-led growth strategy and free-market principles catapulted Turkey into the ranks of the fastest-growing economies in the Organization for Economic Cooperation and Development (OECD) .Turkey's leadership, however, failed to complete the reform program that was initiated in the early 1980s. This has accelerated Turkey's economic problems in those days. Large public sector deficits and the high inflation still continue to hamper the economy. Turkey continues to examine ways to improve its investment climate through changes in its IPR Legislation and taxing policy. The Turkish privatization board continues to evaluate a series of significant privatization opportunities including telecommunications, iron and steel industry and banks.Although being a customs union partner with the European Union and a member of the World Trade Organization, foreign direct investment has totaled only $12 billion since 1980.The reason for that seems to be the political uncertainty, inadequate regulations, stalled privatization, and troubling macroeconomic indicators. Gross National Product (GNP) has grown at an average annual rate of 5% since 1983, ranking it at the top of the OECD countries, although the growth pattern has been uneven. Rapidly overcoming a government-caused financial crisis in 1994, Turkey grew 7.4%. This recession in 1994, when GNP fell for 6%, brought Turkey to the end of 13 years of positive growth. The economy rebounded with 8.1% GNP growth in 1995, 7.4% in 1996, and 8.0% in 1997. In 1998, prior to implementation of a disinflation program, the economy grew 3.8%. Inflation rose to a peak of 91% in this period but fell to 50% in early 1999. Officially, GNP has totaled $204 billion in...

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