Turkish Story

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Turkish Story

  1. 1. Mehmet ŞimşekMinister of FinanceTurkish StoryMarch 12, 2013
  2. 2. OUTLINEOutlook for TurkishEconomyA Soft Spot: CurrentAccount DeficitPriorities & ReformAgenda2
  3. 3. Outlook for Turkish Economy3
  4. 4. 2012: Soft LandingGrowingEconomyNarrowingCurrent AccountDeficitDecliningInflationLowerUnemploymentFallingPublic Debt4
  5. 5. Managed Soft LandingSource: TURKSTAT, Medium-Term Program, IMF5,42,05,83,24,7-6-4-202468102007 2008 2009 2010 2011 2012Central and eastern Europe Latin America and the Caribbean Turkey5
  6. 6. Current Account Deficit Narrowed(12MonthRolling,USDbn)Source: CBRT-80-60-40-20020402002-147102003-147102004-147102005-147102006-147102007-147102008-147102009-147102010-147102011-147102012-14710Current AccountCurrent Account without Energy ImportsCurrent Account + Net FDI + Net Errors and Omissions6
  7. 7. 10,310,510,810,610,2 10,311,014,011,99,89,28,59,09,510,010,511,011,512,012,513,013,514,02002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Falling Unemployment Rate (%)Lowest level seen ina decadeSource:TURKSTAT 7
  8. 8. 107,2125,599,16,20204060801001201401980198119821983198419851986198719881989199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120128Declining Inflation Rate (y/y, %)Source: TURKSTATLowest rate for the past 44 years
  9. 9. Public Debt on a Downward Trend9Source: Treasury26,231,3 30,0 31,327,6 26,2 25,329,9 28,121,5 20,235,4 23,919,110,46,53,3 2,92,70,90,8-2,261,555,249,141,734,029,5 28,232,528,922,318,0-100102030405060702002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Q3Net TL Net FX Total NetNetPublicSectorDebt(%,GDP)
  10. 10. Outlook for 2013Faster GrowthSlight Increase inC/A DeficitDecliningInflationLowerUnemploymentFallingPublic Debt10
  11. 11. PMI & Manufacturing IndexSource: CBRT, HSBC8085909510010511011512030354045505560 2007-147102008-147102009-147102010-147102011-147102012-147102013-1PMI (Left)Manufacturing Index (s.a.)(Right)11
  12. 12. Consumer & Real Sector Confidence IndexSource: CBRT, TURKSTAT50556065707580859050607080901001101201302007-13579112008-13579112009-13579112010-13579112011-13579112012-13579112013-1Real Sector Confidence Index (Left) Consumer Confidence Index (Right)12
  13. 13. Looser Monetary Policy(%)Source: CBRT4,58,55,54567891011121314October11October11December11December11January12February12March12April12May12Jun12July12August12September12October12November12December12January13February13March13CBRT Funding Rate O/N Borrowing O/N Lending Policy Rate13
  14. 14. Falling Lending Rates(%)Source: CBRT81012141618202224262804.01.200804.04.200804.07.200804.10.200804.01.200904.04.200904.07.200904.10.200904.01.201004.04.201004.07.201004.10.201004.01.201104.04.201104.07.201104.10.201104.01.201204.04.201204.07.201204.10.201204.01.2013Personal Vehicle Housing Commercial14
  15. 15. Well Capitalized Banking Sector Capital adequacy ratio twice the minimum legal limit of 8 %.CapitalAdequacyRatio,%Target Rate 12%Legal Rate 8%Source: BRSA051015202530352003-1592004-1592005-1592006-1592007-1592008-1592009-1592010-1592011-1592012-15915
  16. 16. Credit Growth is Picking UpNote: Credit Growth is adjusted for exchange rate movementsSource: CBRT13weekmovingavg.,y-on-y%22,10510152025303540452011-Jan.Feb.Mar.MarApr.May.Jun.July.Aug.Sep.Oct.Nov.Dec.2012-Jan.Feb.Mar.MarApr.May.Jun.July.Aug.Sep.Oct.Nov.Dec.2013-Jan.Feb.16
  17. 17. Employment is Supportive of GrowthSource: TURKSTAT2021222324252008-12009-12010-12011-12012-1Employmentsinceend-2007(MnPeople,s.a.)17
  18. 18. Rising Household Income & Improving Income Distribution1860,543,236,8 36,0 34,8 34,229,727,421,25,20102030405060701 2 3 4 5 6 7 8 9 10Source: TURKSTAT(2002-11,%,RealIncrease)(Ordered by Income Share of Decile Groups)
  19. 19. Strong Household Balance SheetSource: CBRT, ECB*2012 Q1(HouseholdLiabilities,%ofGDP,2012Q3)65,740,120,30 20 40 60 80 100 120 140 160DenmarkNetherlandsIrelandUnited Kingdom (GB)PortugalSwedenSpainEuro areaFinlandGreece (GR)MaltaGermanyFranceBelgiumLuxembourgAustriaItalyEstoniaCroatia*PolandLatviaHungaryCzech RepublicSloveniaSlovakiaLithuaniaTurkey19
  20. 20. Other Factors Supportive of GrowthUrban RenewalSale of 2B LandRemoval ofReciprocityInvestmentGrade Rating20
  21. 21. Sound Fiscal Position21
  22. 22. Lower Deficit10,87,94,10,1-1,30,21,65,53,00,41,3 1,5 1,2 0,9-2,00,02,04,06,08,010,012,02002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015Maastricht Criteria: 3%Medium-Term Program(2013-15)Achieved Maastricht Criteria except 2009Source: Ministry of FinanceBudgetDeficit-to-GDP,%22
  23. 23. 74,067,759,652,746,539,9 40,046,142,439,236,035,033,031,030,035,040,045,050,055,060,065,070,075,02002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015Medium-Term Program(2013-15)Lower DebtDebt-to-GDP,%Satisfying Maastricht Criteria since 2004Maastricht Criteria: 60%Source: Treasury23
  24. 24. Public Sector is now a Net External Creditor88.4-31.3-40-30-20-10010203040506070809020022003200420052006200720082009201020112012Q3PublicNetExternalDebt(BillionTL)Source: Treasury24
  25. 25. Government Interest Payments85.716.7 15.214.83.43.0024681012141602040608010020022003200420052006200720082009201020112012201320142015Interest Payments/Tax Revenues (%)(Left) Interes Payments/GDP (%) (Right)Medium-Term Program(2013-15)Source: Ministry of Finance25
  26. 26. Public Invesment ExpendituresPublicInvesmentExpenditures(BillionTL)7,9 8,08,711,714,716,521,724,432,837,640,25101520253035404520022003200420052006200720082009201020112012Source: Ministry of Finance26
  27. 27. A Soft Spot: Current Account Deficit27
  28. 28. Deficit declined significantly with Rebalancing(CurrentAccountDeficit(%,GDP)Source: TURKSTAT, CBRT28123456789102007Q12007Q22007Q32007Q42008Q12008Q22008Q32008Q42009Q12009Q22009Q32009Q42010Q12010Q22010Q32010Q42011Q12011Q22011Q32011Q42012Q12012Q22012Q32012Q4
  29. 29. Europe%56.6Other%43.4Exports 2002Despite the Fallout from the EU CrisisEurope%41,9Other%59,1Exports Jan 2013Source: TURKSTAT29
  30. 30. MENA was a Life SaverShareofMENAintotalexports(%12monthrolling)Source: TURKSTAT12,131,61015202530352002 2012
  31. 31. 930051015202530352002 2012Number of Products over $1 billion… and so was Export DiversificationSource: TURKSTAT31
  32. 32. 83405101520253035402002 2012Export DiversificationNumber of Export Markets over $1 billionSource: TURKSTAT32
  33. 33. -505101520252002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Public Savings/GDP Private Savings/GDP(%)Source: Ministry of DevelopmentBut to Further Reduce the Deficit33
  34. 34. (%)1012141618202224262002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Savings-Investment Gap Should NarrowSource: Ministry of Development34
  35. 35. Priorities & the Reform Agenda35
  36. 36. Structural Issues # 136Reducing Dependence on Energy Imports
  37. 37. Source: TURKSTAT, BloombergEnergy Import Bill(BrentType,Dollar/Barrel)EnergyImports(BillionDollars)379,260,123,4111,90204060801001200102030405060702002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012Energy Import Oil Prices
  38. 38. Foreign Dependence on Energy Imports% 72Total Energy% 92Oil% 98Natural-Gas38
  39. 39. Strong Focus on Local & Renewable ResourcesSource: Ministry of Energy and Natural ResourcesElectricity Generation Installed CapacityMW % of TotalCurrent Installed Capacity (Sept, 2012) 55,663- Renewable Energy 20,963 37.7Power Plants Under Construction 23,396- Renewable Energy 15,879 67.9TOTAL 79,029- Renewable Energy 36,843 46.639
  40. 40. Building Nuclear Capacity40A deal is signed with RussiaNegotiations on a second plantcontinue
  41. 41. Improving Energy EfficiencyIndustry20%Transportation15%Construction30%41
  42. 42. Structural Issues # 242Moving Up the Value Chain
  43. 43. Why is R&D so significant for us?The share of high and medium-hightechnology sectors in production and inexport is lowBoosting R&DSource: Ministry of Development27.672.435.664.401020304050607080High and Medium-High Low and Medium-LowProduction Export43
  44. 44. •0.862011•0.532002Source: The Scientific and Technological Council of TurkeyR&D Spending44
  45. 45. Industrial Design Applications36,578 applications in 2011Up by 80 % since 2002Ranking 3rd in EuropeSource: TPI45
  46. 46. Trademark Applications• 117,7232011• 36,4292002Source: Turkish Patent Instıtute46
  47. 47. Patent ApplicationsSource: TPE1.87410.2411.0002.0003.0004.0005.0006.0007.0008.0009.00010.00011.0002002 201147
  48. 48. Brand Turkey, moving up the LaddersSource: Brand - FinanceTurkey ranks 19th globally48
  49. 49. Structural Issues # 349Combatting the Shadow Economy
  50. 50. Size of Shadow Economy (2012, % GDP)32,329,629,52928,627,226,52625,82524,322,821,619,419,219,217,116,4161614,814,713,813,713,512,81110,598,27,97,85101520253035 BulgariaRomaniaCroatiaLithuaniaEstoniaTurkeylatviaCyprusMaltaPolandGreeceHungaryItalyPortugalAverageSpainBelgiumCzechRepSloveniaSlovakiaNorwaySweedenDenmarkFinlandGermanyirelandFranceUKNetherlandsLuxembourgAustriaSwitzerland50
  51. 51. Turkey: Size of Shadow Economy (% GDP)32,231,530,730,429,128,428,928,327,727,22627282930313233200320042005200620072008200920102011201251
  52. 52. Size of Pure Tax Evasion (% GDP)7,87,37,47,57,57,16,86,35,75,35,35,73,63,43,43,43,53,43,33,12,92,62,52,823456789199920002001200220032004200520062007200820092010Turkey Average of 38 CountriesTax evasion is on average 3 ppt higher in Turkey52
  53. 53. Legislative Tax Reforms: CompletedCorporateIncome TaxTransferPricingCommercialCode53
  54. 54. Legislative Tax Reforms: Under ProgressPersonal Income Tax Tax Procedure Law54
  55. 55. Structural Issues # 455Enhancing Competition in Domestic Product &Services Market
  56. 56. Privatization RevenuesTotal privatization revenues $46,1 bn$8,2 bn$37,9 bn29 131486 244 423 568 412 515 292 4661.020382.7171205361871.2838.222 8.0964.2596.2962.2743.0851.3583.0201701000200030004000500060007000800090001985-…1989199019911992199319941995199619971998199920002001200220032004200520062007200820092010201120122013(Million$)56
  57. 57. FINALIZED PRIVATIZATION TENDERSAT THE APPROVAL STAGEDATE OF TENDER $ (Million)Seyitömer Thermal Power Plant 12/28/2012 2,248.0Boğaziçi Electricity Distribution Company 12/14/2012 1,960.0Gediz Electricity Distribution Company 12/19/2012 1,231.0Başkent Natural Gas Distribution 01/25/2013 1,162.0Kangal Thermal Power Plant 02/08/2013 985.0Akdeniz Electricity Distribution Company 11/12/2012 546.0Aras Electricity Distribution Company 09/25/2008 128.0Hamitabat Thermal Power Plant 03/06/2013 105.0Others - 112.3TOTAL VALUE OF THE TENDERS AT THE APPROVAL STAGE - 8,477.3AT THE CLOSING STAGESmall hydro Power Plants 231.7Others 207.0TOTAL VALUE OF THE TENDERS AT THE CONTRACTING STAGE 438.7TOTAL VALUE OF THE TENDERS TO BE CONTRACTED 8,916.0Privatization Implementations atApproval & Closing Stage57
  58. 58. COMPANIES DATE OF TENDERİstanbul Anatolian Side Electricity Distribution Company 03/15/2013Toroslar Electricity Distribution Company 03/15/2013Dicle Electricity Distribution Company 03/15/2013Vangölü Electricity Distribution Company 03/15/2013* Number of subscribers in these 4 electricity distribution region is almost 7 million.Ongoing Privatization Implementations58
  59. 59. % of sharesbelonging toPrivatizationAdministrationMajor Companies in the Privatization PortfolioBanking Sugar IndustriesElectricityDistributionNatural GasDistributionTurkish AirlinesMaritimeTransportationReal Estate RetailFloor Tiles &Cement Pipes50 100 100100 49 100100 100 56Companies to beprivatized underspecial legislationNational LotteryGamesToll MotorwaysTelecomElectricityGenerationTCDD Ports31,68%Major Companies/Entities in Privatization PortfolioAdministrationleadsprivatization ofkey enterprisesin Turkey59
  60. 60. COMPANIES BIDDING DEADLINEYeditepe Beynelminel Tourism & Commerce 04/03/2013Taksim Tourism 04/03/2013Salıpazarı Cruise Port-Galataport 04/30/2013Privatization Implementations at Tender Stage60
  61. 61. Fenerbahçe– Kalamış MarinaMersin Taşucu MarinaDerince Container PortIzmir Container PortIzmir Cruise PortHaydarpaşa Port &Train Station Transformation ProjectTürk TelekomSugar FactoriesNational Lottery GamesToll Roads & MotorwaysUpcoming Projects61
  62. 62. 62Enhancing Democratic StandardsStructural Issues # 5
  63. 63. New Initiatives4th Judicial Reform PackageA New Constitution63
  64. 64. Structural Issues # 664Deepening Capital Markets
  65. 65. A New Capital Markets Law•Increasing financial deepening & innovation•Strengthening investor rights•Improving corporate governanceNew legal framework inline with the best globalpractices65
  66. 66. Restructuring of ISERegionalLeadershipRaisingMarketCap/GDP to80%1,000 newcompanies66
  67. 67. Increasing Private Pensions25% State ContributionPenalty for EarlyWithdrawals67
  68. 68. Extending Maturity of SavingsMaturity Withholding Tax Rate (TL, %)0-6 Months 15%6-12 Months 12%1 year and over 10%Maturity Withholding Tax Rate (FX, %)0-6 Months 18%6-12 Months 15%1 year and over 13%68
  69. 69. Incentives for Global Fund ManagersA tax free environment forGlobal FundsMaking it easier to manage assetsin Turkey69
  70. 70. Incentives for Venture CapitalAllowing contributions to Venture Capital to bededucted from Corporate & Personal Income TaxBase, up to• 10% of VC Revenues• 20% of VC CapitalTax Relief on Dividends70
  71. 71. Incentives for Business Angels71
  72. 72. SukukSimilar to euro bonds, international holders Sukuk willnot be subject to withholding taxSep-12: First Sukuk issued for $1.5bn in internationalmarketOct-12: Sukuk denominated in TL issued for TL1.6bn indomestic marketFeb-13: Sukuk issued for TL1.5bn72
  73. 73. Structural Issues # 773Narrowing Regional Development Gaps
  74. 74. New Investment Incentive SchemeObjectives:- Reduce regional development gaps- Reduce current account deficit- Promote efficient allocation of resources to high value-added investmentsGeneralIncentivesRegionalIncentivesIncentives forLarge-ScaleProjectsIncentives forStrategicInvestments74
  75. 75. YENİ TEŞVİK SİSTEMİRegional Customs DutyExemption VAT Exemption Lower CIT rate Support for theemployer’s share ofinsurance premium Allocation of Land Customs DutyExemption VAT Exemption Lower CIT rate Support for theemployer’s shareof insurancepremium Allocation ofLand Interest Support Customs DutyExemption VAT Exemption Customs DutyExemption VAT Exemption Lower CIT rate Support for theemployer’s shareof insurancepremium Allocation ofLand Interest Support VAT RebateGeneralIn the 6th Region, additional support for The employee’s share of insurance premium Income tax stoppageIncentivesLarge-Scale Strategic75
  76. 76. Structural Issues # 876Improving Infrastructure
  77. 77. 1,714 KmTotal of Motorways4,387 KmTotal of State andProvincial DualCarriagewaysTotal: 6,101 KmDual CarriagewayNetwork(January 1, 2003)2,236 KmTotal of Motorways20,017KmTotal of State andProvincial DualCarriagewaysTotal: 22,253 KmDual CarriagewayNetwork(March 05, 2012)77
  78. 78. İSTANBULESKİŞEHİR POLATLIANKARAKONYASİVAS212 km533 km405 kmYOZGATYerköyAFYONİZMİRMANİSA624 kmBURSABİLECİK110 kmUnder constructionCompletedAt tender phase78High Speed Railway ProjectsSource: Ministry of Transport
  79. 79. • The number of airports servingscheduled flights = 262003• The number of airports servingscheduled flights = 492012Airports Available For Civil Aviation Traffic inTurkeyAirports serving ScheduledFlight (49)Airports under Construction (5)Airports Planned(2) 79
  80. 80. Structural Issues # 980Improving Access to & Quality of Education
  81. 81. 81Education is our Soft SpotSource: OECD, Equity and Quality in Education: Supporting Disadvantaged Students and Schools01020304050607080 KoreaSlovakRepublicCzechRepublicPolandSloveniaCanadaSwedenFinlandSwitzerlandAustriaUnitedStatesIsraelEstoniaGermanyHungaryIrelandDenmarkChileFranceLuxembourgNorwayBelgiumAustraliaNetherlandsUnitedKingdomOECDaverageNewZealandGreeceItalyIcelandSpainPortugalMexicoTurkeyPeoplewhohavenotcompletedupperSecondaryEducation(%)25-34 25-64
  82. 82. 9,417810121416182002 2013Source: Ministry of FinanceShare of Education Budget%82
  83. 83. Gross Schooling RatesSource: Ministry of Development11,296,580,835,846,4108,492,681,61030507090110130Preschool(age of 4-5 )Primary School Secondary School Higher Education2002-2003 2011-201283
  84. 84. Improving Quality of EducationWith Fatih Project, we are providing our children withBroadband Internet AccessSmart BoardsTablet PCsOther Information Technology Tools84
  85. 85. Structural Issues # 1085Increasing Labor Market Flexibility
  86. 86. Low Employment RateEarly retirementLow rate of female laborforce participationRigidities in labor forcemarket86
  87. 87. Average Retirement Age41,044,961,963,33035404550556065Women MenTurkey OECDSource: OECD87
  88. 88. Labor Participation Rate, Female29,516,725,630,638,170,91020304050607080Total Illeterate Less than highschoolHigh school Vocational highschoolHigher schoolLaborPaticipationRatebyEducation(2012)OECD Average: 62.3Source: TURKSTAT, OECD88
  89. 89. Improving Girls’ Education200291 girls per100 boys2012100.4 girlsper 100 boys89
  90. 90. Average Weekly Hours Worked on the Main Job(2011)Source: OECD48,93032343638404244464850TurkeyKoreaMexicoGreeceCzechRepublicSlovakRepublicPolandIcelandHungarySloveniaPortugalChileEstoniaSpainFranceAustriaItalyNewZealandFinlandLuxembourgBelgiumSwedenUnitedKingdomAustraliaGermanySwitzerlandIrelandNorwayDenmarkNetherlandsHighest among the OECD countries!90
  91. 91. Share of Part-time Employment (%, 2011)Source: OECD11,70510152025303540NetharlandsSwitzerlandIrelandAustraliaUnitedKingdomGermanyNewZelandJapanNorwayCanadaDenmarkAustriaBelgiumMexicoChileIcelandItalyLuxembourgSweedenIsraelFranceKoreaSpainFinlandUnitedStatesTurkeyPortugalGreeceEstoniaSloveniaPolandHungarySlovakRepublicCzechRepublıc9th lowest among the OECD countries91
  92. 92. National Employment Strategy4 Main ObjectivesReducing labor market rigiditiesIncreasing employment of women, youth and the disadvantageousStrengthening the link between education and employmentStrengthening the link between employment and social protection92
  93. 93. Long-Term Growth93
  94. 94. GDPSource: TURKSTAT, Medium-Term Program,PwC200220502002$ 230billion2050$ 5 trillion2012$ 799 billion2023$ 2 trillion94
  95. 95. GDP per CapitaSource: TURKSTAT, Medium-Term Program,PwC200220502002$ 3,4922012$10,6732023$ 25,0002050$ 50,00095
  96. 96. Ambitious TargetsSource: IMF, PricewaterhouseCoopers1. USA2. China3. India4. Japan5. Germany6. Russia8. UK7. Brazil9. France10. Italy11. Mexico12. South Korea13. Spain14. Canada15. Indonesia16. Turkey17. Iran18. Australia19. Taiwan20. Poland2011 (GDP-PPP) 2050Top 10in the WorldTop 3in Europe6th in Europe16th in the World96
  97. 97. Determinants of Long-Term GrowthQuality of InstitutionsDemographicsProductivity97
  98. 98. Quality of InstitutionsCombattingcorruptionCreating a levelplaying fieldImprovinginternationalcompetitiveness98
  99. 99. Corruption Perceptions Index (2002)(65th among 102 countries)3144 4558 59657073 74962030405060708090100 ItalyGreeceBrazilMexicoChinaTURKEYArgentinaIndiaRussiaIndonesiaSource: Transparency International99
  100. 100. Corruption Perceptions Index (2012)(54th among 176 countries)Source: Transparency International5469728094 94102105118133405060708090100110120130140TURKEYBrazilItalyChinaGreeceIndiaArgentineMexicoIndonesiaRussia100
  101. 101. Within the period of 2005-2012, Turkey has ranked higher than Russia, Argentina and Greece.(71st among 125 countries)384547 48535457 59697130354045505560657075ItalyIndiaGreeceChinaRussiaArgentinaBrazilMexicoIndonesiaTURKEYSource: World Economic ForumGlobal Competitiveness Index (2005)101
  102. 102. (43rd among 144 countries)Source: World Economic ForumGlobal Competitiveness Index (2012)294142 434849505359 6067717378942030405060708090100ChinaPolandItalyTURKEYBrazilPortugalIndonesiaMexicoIndiaHungaryRussiaSlovakRepublicUkraineRomaniaArgentinaMoved up 16 places in a year2nd fastest rising country102
  103. 103. (84th among 175 countries)Source: World BankEase of Doing Business (2006)6269 707184939710811112213113860708090100110120130140 MexicoItalyUruguayRomaniaTURKEYArgentinaRussiaChinaGreeceBrazilIndonesiaIndia103
  104. 104. (71st among 185 countries)Source: World BankEase of Doing Business (2012)4871 727378848991112124128130 13213720406080100120140 MexicoTURKEYRomaniaItalyGreeceCrotiaUruguayChinaRussiaArgentinaIndonesiaBrazilIndiaUkraine104
  105. 105. Favorable DemographicsSource: EurostatShareof15-24yearsoldinTotalPop.(%)16879111315171921 AndorraItalyGreeceSpainPortugalGermanySloveniaIrelandBulgariaLuxembourgSwitzerlandCroatiaCzechRepublicAustriaLiechtensteinSerbiaHungaryNetherlandsFinlandFranceDenmarkUnitedKingdomNorwaySwedenEstoniaUkraineMaltaPolandLatviaSlovakiaMontenegroLithuaniaIcelandFormerYugoslav…GeorgiaTurkeyMoldovaAzerbaijan105
  106. 106. 2,01,00,30,70,20,40,60,81,01,21,41,61,82,0Turkey USA EU-27 OECDAnnualAveragePopulationGrowthRate(%,2001-11)Growth Rate of Working-Age PopulationSource: OECD, Eurostat, TURKSTAT 106
  107. 107. Have Investors noticed theTransformation?107
  108. 108. Int’l Companies Operating in Turkey (1000s)Source: Ministry of Economy5,66,78,811,715,016,119,222,025,229,632,6051015202530352002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012108
  109. 109. Foreign Direct Investment InflowsSource: CBRTBilliondollar14,8122,60204060801001201401980-2002 2003-2012109
  110. 110. REER AppreciationSource: CBRT(2003=100)55657585951051151251351989-171990-171991-171992-171993-171994-171995-171996-171997-171998-171999-172000-172001-172002-172003-172004-172005-172006-172007-172008-172009-172010-172011-172012-172013-1Linear Trend110
  111. 111. THANK YOU!Questions?111

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