This 2014 Article IV Consultation highlights that Turkeyas economy has grown on average by 6 percent annually since 2010, but this has come at the expense of a large external deficit, making the economy sensitive to changes in external financing conditions. Macroeconomic policies have been too accommodative, inflation is high and well above the authoritiesa target, real policy interest rates remain negative, and the exchange rate continues to be stronger than suggested by fundamentals. The main risk for Turkey remains a capital flows reversal, associated with monetary policy normalization in advance economies or changes in the country risk premium. Other risks center on slower European growth, geopolitical issues, and the strength of the policy framework.These versions will be updated with the 2012 SUTs and will be available by the end of 2014. ... Monthly data on industrial production are published with a lag of five to six weeks. ... the budget is incomplete, with some fiscal operations conducted through extra budgetary funds, for which data are available only with long lags.
|Title||:||Turkey: 2014 Article IV Consultation-Staff Report; Press Release; and Statement by the Executive Director for Turkey|
|Author||:||International Monetary Fund. European Dept.|
|Publisher||:||International Monetary Fund - 2014-12-08|