Hence, expecting an overnight result cannot be exactly practical. In the Press Release No. 39, September 19-20, 2006, Ali Babacan, Governor of the IMF for Turkey, said in the 2006 Annual Meetings of Board of Governors held at Singapore held:
"Inflation is likely to exceed the 2006 target mainly because of adverse energy and commodity price developments. However, it is expected that, in the medium term, it will converge to our target. Current account deficit has widened on account of rising cost of energy imports and accelerating investments whereas the composition of the financing significantly improved by the increasing long term capital inflows" http://www.imf.org/external/am/2006/speeches/pr39e.pdf
Turkish economy has undergone a series of changes with the tightening of the fiscal policy and central banking. This does not mean that Turkish economy does not have any worth-mentioning growth. It is considered to be one of the fastest growing economies, in spite of many connected cultural, social and economic problems.
"Since the formation of the modern state of Turkey in 1923, the economy had grown rapidly. However, economic growth slowed in the mid-1990s in the wake of a fiscal and monetary crisis. ...Show more