Edited by Erdem Başçı, Sübidey Togan and Jürgen von Hagen
Erdem Basçı ¸ This paper is insightful and very helpful in understanding the ﬁscal stance in Turkey. It points out the chronic problems of Turkey in ﬁscal domain really well. However, it does not address the signiﬁcant improvements in ﬁscal policy and the structural changes that have taken place in recent years. Therefore, in my comments, I would like to emphasize some of the recent achievements. My comments are organized as follows: ﬁrst, I will present the achievements of the current economic programme. Second, I will summarize how we see the future regarding inﬂation and ﬁscal indicators. Finally, I will touch upon some of the issues overlooked in Dr Scott’s paper. Macroeconomic problems of Turkey in the past, namely low and volatile growth together with high and volatile inﬂation, were mainly due to ﬁscal imbalances. The aim of the current economic programme is to eliminate these imbalances, strengthen the Turkish economy and place it on a sustainable growth path, by means of an ambitious list of key structural reforms in the ﬁscal area and the banking sector. Thanks to tight monetary and ﬁscal policies accompanied by a signiﬁcant amount of institutional and structural reforms, Turkey has recently achieved a remarkable growth performance. At the same time, inﬂation came down to single-digit levels after more than thirty years. The gains from the programme are clearly reﬂected in the high growth rates and low inﬂation ﬁgures. The Turkish economy has been the fastest growing economy among...
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