"Is Turkey competitive enough for Europe?
Thursday, September 28, 2006
AUGUSTO LOPEZ-CLAROS and IRENE MIA*
Turkey has come a long way from the instability and structural weaknesses which undermined its economy in the 1990s, bringing the country to a virtual halt in 2001 with a violent recession. Indeed, the tough IMF-backed reforms adopted in the aftermath of the collapse, combining tight fiscal and monetary policies with a broad range of reforms aimed at addressing other deep-seated distortions, seem to have set Turkey on a healthier development path, with economic growth rates in the 2002-2005 period averaging 7 percent, and inflation rates falling dramatically to single-digit figures. "
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