This report is part of the study Managing the Crisis which assesses 14 governments’ response to the global economic and financial crisis between September 2008 and September 2009 on the basis of a standardized set of criteria. Please cite as follows: Sübidey Togan, Turkey Country Report. In: Bertelsmann Stiftung (ed.), Managing the Crisis. A Comparative Assessment of Economic Governance in 14 Economies. Gütersloh: Bertelsmann Stiftung, 2010. For more information on the study, additional country reports and the comparative article, please visit www.bertelsmann-transformation-index.de/crisis
Managing the Crisis | Turkey Country Report
1. Risk Exposure at the Outset of the Crisis
What was the structure of demand (e.g., share of private/state consumption, gross capital formation, exports and imports in GDP/GNI)? To what extent was the economy exposed to macroeconomic imbalances (e.g., foreign debt, trade or fiscal imbalances)? Was/is the financial system primarily bank- or market-based? Economic structure and macroeconomy
During 2007, public and private consumption combined accounted for 83.1 percent of Turkey’s GDP. Private consumption comprised 73.4 percent of the country’s total domestic product, while public consumption totaled an additional 9.8 percent. Private investment expenditures accounted for 18.1 percent of GDP, while public investment formed an additional 3.8 percent, for a combined total of 22 percent of GDP. Thus, total domestic demand totaled 105.1 percent of the nation’s GDP. Domestic savings were the equivalent of 16.1 percent, and foreign savings of 5.9 percent of GDP. Turkey’s 2007 GDP growth was primarily driven by consumption and gross capital formation, which together contributed 5.6 percentage points to GDP. GDP grew by 4.6 percent due to the negative 1.2 percentage point contribution of the country’s foreign balance. The government has been successfully... [continues]
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