The document provides an overview of Turkey's economy in 2016, including its growth rates, employment levels, inflation, foreign trade, public finance, financial sector, and other indicators. Some key points:
- Turkey's GDP growth rate was 4.0% in 2015 and is projected to be 4.5% in 2016 and 5.0% in 2017-2018.
- Unemployment declined to 9.9% in 2014 from a high of 13.1% in 2009 but rose to 10.7% in 2015. Youth unemployment remains elevated.
- Exports and imports both declined in 2015 due to global economic slowdown but are projected to recover.
- Inflation declined to 6.6%
The UK productivity dilemma is a cause of great concern to policy makers and economists in the UK. In this analysis of productivity, we analyse thirty sectors over the past 50 years to provide to explain how a cyclical and sectoral adjustment of output can explain much of the so called productivity dilemma.
Український інститут майбутнього (UIF) провів велику презентацію нової програми «Трильйон доларів для України» за участі її керівника та експерта UIF Андрія Ілларіонова.
The UK productivity dilemma is a cause of great concern to policy makers and economists in the UK. In this analysis of productivity, we analyse thirty sectors over the past 50 years to provide to explain how a cyclical and sectoral adjustment of output can explain much of the so called productivity dilemma.
Український інститут майбутнього (UIF) провів велику презентацію нової програми «Трильйон доларів для України» за участі її керівника та експерта UIF Андрія Ілларіонова.
Epic Research Pvt Ltd is a Eminent Stock advisory firm which provides best Stock Cash Tips, Effective commodity trading tips and Options call and put tips for traders.
Lekcija: Latvijas tautsaimniecība – pārkaršanas riski (English)Latvijas Banka
Latvijas tautsaimniecības izaugsme ir paātrinājusies. Arī iedzīvotāju ienākumi pakāpeniski aug. Atšķirībā no krīzes laika - kas šobrīd ir savādāk?
Prezentācijā tiek analizēti:
• Latvijas tautsaimniecības izaugsmi noteicošie faktori;
• Tautsaimniecības attīstību raksturojošie strukturālie rādītāji;
• Līdzsvarotai attīstībai nepieciešamās kapacitātes veidošanās līdzšinējās tendences un
• Nākotnes iespējas.
The ONS Economic Forum is a quarterly event aimed at City analysts, business economists, media, and academic users, to provide an opportunity to discuss issues relating to the measurement of the economy and the range of relevant ONS economic statistics, including GDP, the labour market, prices and the public finances.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Les comento, que últimamente había presentado problemas para leer. Era una constante que se venía manifestando incluso con algunos dolores de cabeza incómodos. Es por eso, que decidí investigar acerca de una clínica oftalmológica que ayudara a mi salud visual y es ahí donde encontré Clínica Santa Lucía.
11 05 2013 - El gobernador, Javier Duarte de Ochoa, inauguró la Segunda Seman...Javier Duarte de Ochoa
El gobernador, Javier Duarte de Ochoa, inauguró la Segunda Semana Nacional de Salud, acompañado por el secretario de Salud, Juan Antonio Nemi Dib, y la alcaldesa de Xalapa, Elizabeth Morales García.
Duarte de Ochoa explicó que a lo largo de esta semana, se distribuirán 813 mil 513 dosis con la participación de ocho mil 600, un hecho que declaró como histórico, en el que se transforma el futuro de la sociedad, en respuesta a la nueva política nacional de salud.
“En todos los hogares queremos salud, fortaleza y las energías necesarias para que cada uno de nosotros alcance sus metas”, declaró el mandatario estatal.
Epic Research Pvt Ltd is a Eminent Stock advisory firm which provides best Stock Cash Tips, Effective commodity trading tips and Options call and put tips for traders.
Lekcija: Latvijas tautsaimniecība – pārkaršanas riski (English)Latvijas Banka
Latvijas tautsaimniecības izaugsme ir paātrinājusies. Arī iedzīvotāju ienākumi pakāpeniski aug. Atšķirībā no krīzes laika - kas šobrīd ir savādāk?
Prezentācijā tiek analizēti:
• Latvijas tautsaimniecības izaugsmi noteicošie faktori;
• Tautsaimniecības attīstību raksturojošie strukturālie rādītāji;
• Līdzsvarotai attīstībai nepieciešamās kapacitātes veidošanās līdzšinējās tendences un
• Nākotnes iespējas.
The ONS Economic Forum is a quarterly event aimed at City analysts, business economists, media, and academic users, to provide an opportunity to discuss issues relating to the measurement of the economy and the range of relevant ONS economic statistics, including GDP, the labour market, prices and the public finances.
Swedbank was founded in 1820, as Sweden’s first savings bank was established. Today, our heritage is visible in that we truly are a bank for each and every one and in that we still strive to contribute to a sustainable development of society and our environment. We are strongly committed to society as a whole and keen to help bring about a sustainable form of societal development. Our Swedish operations hold an ISO 14001 environmental certification, and environmental work is an integral part of our business activities.
Les comento, que últimamente había presentado problemas para leer. Era una constante que se venía manifestando incluso con algunos dolores de cabeza incómodos. Es por eso, que decidí investigar acerca de una clínica oftalmológica que ayudara a mi salud visual y es ahí donde encontré Clínica Santa Lucía.
11 05 2013 - El gobernador, Javier Duarte de Ochoa, inauguró la Segunda Seman...Javier Duarte de Ochoa
El gobernador, Javier Duarte de Ochoa, inauguró la Segunda Semana Nacional de Salud, acompañado por el secretario de Salud, Juan Antonio Nemi Dib, y la alcaldesa de Xalapa, Elizabeth Morales García.
Duarte de Ochoa explicó que a lo largo de esta semana, se distribuirán 813 mil 513 dosis con la participación de ocho mil 600, un hecho que declaró como histórico, en el que se transforma el futuro de la sociedad, en respuesta a la nueva política nacional de salud.
“En todos los hogares queremos salud, fortaleza y las energías necesarias para que cada uno de nosotros alcance sus metas”, declaró el mandatario estatal.
Lekcija: Eirozonas ekonomika un monetārā politikaLatvijas Banka
Prezentācija (angļu valodā) izmantota lekcijā Latvijas Universitātē 2017. gada 3. aprīlī.
Prezentācijā apskatītas šādas tēmas:
• Eirozonas ekonomikas aktualitātes.
• Eiro zonas monetārās politikas galvenais mērķis – cenu stabilitāte.
• Cenu stabilitāte un inflācija.
• Monetārās politikas transmisijas mehānisms un Eiropas Centrālās bankas ietekme uz makroekonomiskajiem rādītājiem.
• Monetārās politikas praktiskā īstenošana eiro zonā: monetārās politikas īstenošanas pamatprincipi, instrumenti.
In the last decade, advanced economies, including the euro area, experienced deflationary pressures caused by the global financial crisis of 2007-2009 and the anti-crisis policies that followed—in particular, the new financial regulations (which led to a deep decline in the money multiplier). However, there are numerous signs in both the real and financial spheres that these pressures are disappearing. The largest advanced economies are growing up to their potential, unemployment is systematically decreasing, the financial sector is more eager to lend, and its clients—to borrow. Rapidly growing asset prices signal the possibility of similar developments in other segments of the economy. In this new macroeconomic environment, central banks should cease unconventional monetary policies and prepare themselves to head off potential inflationary pressures.
The Wind of Change: Economic and Financial OutlookLatvijas Banka
Presentation by Governor of Latvijas Banka and member of the Governing Council of the European Central Bank Mārtiņš Kazāks during discussion on Latvia's economic developments in Brussels.
This study provides an analysis of the costs and benefits of emigration for Georgia, with an emphasis on emigration to the EU. In the concluding section we dwell on the consequences of a possible liberalization of EU migration policies with regard to Eastern Partnership (EaP) countries, and how such a policy change would affect the flow and composition of migration from Georgia to the EU. The study estimates the costs and benefits of migration through the prism of recent economics developments in Georgia and in particular the sweeping liberalization reforms of recent years. While Georgia remains a poor country, its geopolitical position as a Western outpost in the Caucasus and Central Asian region, its role as a key trade and transportation hub, the superior quality of its bureaucracy, lack of corruption, etc., provide a very different context for migration processes, turning migration into a circular phenomenon, a major factor in modernizing the Georgian economy, society, and politics. The EU should give due consideration to this phenomenon as it (re)considers its policy on migration with regard to Georgia and, potentially, other EaP countries.
Authored by: Lasha Labadze and Mirian Tukhashvili
10 Slides on the World Economy in February 2014Hannah Thomas
A short presentation looking at a few different areas of the world economy in February 2014.
Sources: ONS, OECD and Eurostat.
Follow @statshan on twitter and teaching with statistics on FB.
Find more resources from me on the TES website.
BCN Turkey is a leading international business development and marketing consulting firm that specializes in foreign investment consulting, media and public relation services in Turkey.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
2. 333
CONTENTS
Turkish Economy in the World.................................................................4
Demographic Profile.................................................................................7
Growth....................................................................................................11
Employment............................................................................................29
Inflation...................................................................................................41
Foreign Trade and Balance of Payments...............................................53
Public Finance........................................................................................73
Debt Management..................................................................................82
Financial Sector....................................................................................116
Market Indicators..................................................................................128
Investment Environment.......................................................................139
Relationship with the IMF and EU........................................................145
Social Security......................................................................................148
Labor Market.........................................................................................156
R&D......................................................................................................167
Energy Sector.......................................................................................182
4. 555
World’s Biggest Economies
(GDP based on Purchasing Power Parity, Trillion Dollar, 2014)
0 5 10 15 20 25
China
USA
India
Japan
Germany
Russia
Brazil
Indonesia
France
United Kingdom
Mexico
Italy
Korea
Saudi Arabia
Canada
Spain
Turkey
Iran
Australia
Taiwan
Nigeria
Source: IMF, World Economic Outlook, October 2015
5. 666
Europe’s Biggest Economies
(GDP based on Purchasing Power Parity, Trillion Dolar, 2014)
Source: IMF, World Economic Outlook, October 2015
16. 171717
Per Capita GDP, 2014
(Purchasing Power Parity, AB-27=100)
Source: EUROSTAT
Trend line: moving average
0
40
80
120
160
200
240
280
Luxembourg
Norway
Switzerland
UnitedStates
Ireland
Netherlands
Austria
Denmark
Sweden
Germany
Iceland
Belgium
Finland
UnitedKingdom
France
Japan
Italy
Spain
Cyprus
CzechRepublic
Slovenia
Portugal
Slovakia
Lithuania
Estonia
Greece
Poland
Hungary
Latvia
Croatia
Romania
Turkey
Bulgaria
Karadağ
Montenegro
Serbia
Albania
BosniaandHerzegovina
17. 181818
Source: Ministry of Development, Medium Term Economic Programme 2016-2018
(*) Estimation.
PPP Adjusted Per Capita GDP Projections (USD)
18. 191919
Source: OECD
Comparison of Europe and Turkey:
Real GDP Growth (2001=100)
70.0
80.0
90.0
100.0
110.0
120.0
130.0
140.0
150.0
160.0
170.0
180.0
190.0
200.0
210.0
2000Q1
Q3
2001Q1
Q3
2002Q1
Q3
2003Q1
Q3
2004Q1
Q3
2005Q1
Q3
2006Q1
Q3
2007Q1
Q3
2008Q1
Q3
2009Q1
Q3
2010Q1
Q3
2011Q1
Q3
2012Q1
Q3
2013Q1
Q3
2014Q1
Q3
2015Q1
Q3
Turkey Hungary Poland Spain Portugal Italy Euro Area
29. 3030
Unemployment Rate * (%)
9.5
9.0 9.2
10.0
13.1
11.1
9.1
8.4
9.0
9.9
10.7
10.5
7
8
9
10
11
12
13
14
15
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2014Nov. 2015Nov.
Source: TURKSTAT
* The Household Labor Force Survey has started to report a new series of data since the period of February 2014 within the framework of the
European Union criteria. Results regarding the periods 2005-January 2014 are estimated by an econometric model.
31. 323232
Employment * (Seasonally Adjusted, Million People)
Source: TURKSTAT
32
20
21
22
23
24
25
26
27 2008-1
3
5
7
9
11
2009-1
3
5
7
9
11
2010-1
3
5
7
9
11
2011-1
3
5
7
9
11
2012-1
3
5
7
9
11
2013-1
3
5
7
9
11
2014-1
3
5
7
9
11
2015-1
3
5
7
9
11
*As of November 2015.
The Household Labor Force Survey has started to report a new series of data since the period of February 2014 within the framework of the
European Union criteria. Results regarding the periods 2005-January 2014 are estimated by an econometric model.
33. Labour Force Indicators * (Seasonally Adjusted)
51.5
46.2
10.4
7
8
9
10
11
12
13
14
15
16
38
41
44
47
50
2008-1
3
5
7
9
11
2009-1
3
5
7
9
11
2010-1
3
5
7
9
11
2011-1
3
5
7
9
11
2012-1
3
5
7
9
11
2013-1
3
5
7
9
11
2014-1
3
5
7
9
11
2015-1
3
5
7
9
11
Labour Force Participation Rate (%) Employment Rate (%) Unemployment Rate (%, right axis)
34Source: TURKSTAT
*As of November 2015.
The Household Labor Force Survey has started to report a new series of data since the period of February 2014 within the framework of the
European Union criteria. Results regarding the periods 2005-January 2014 are estimated by an econometric model.
34. 3.5
4.0
4.5
5.0
5.5
6.0
6.5 2008-1
3
5
7
9
11
2009-1
3
5
7
9
11
2010-1
3
5
7
9
11
2011-1
3
5
7
9
11
2012-1
3
5
7
9
11
2013-1
3
5
7
9
11
2014-1
3
5
7
9
11
2015-1
3
5
7
9
11
Agriculture Employment (sea. adj.) Agriculture Employment
Agriculture (million people)
Employment Developments by Sector *
35
3.8
4.0
4.2
4.4
4.6
4.8
5.0
5.2
5.4
5.6
2008-1
3
5
7
9
11
2009-1
3
5
7
9
11
2010-1
3
5
7
9
11
2011-1
3
5
7
9
11
2012-1
3
5
7
9
11
2013-1
3
5
7
9
11
2014-1
3
5
7
9
11
2015-1
3
5
7
9
11
Industry Employment (sea.adj.) Industry Employment
Industry (million people)
0.9
1.1
1.3
1.5
1.7
1.9
2.1
2.3
2008-1
3
5
7
9
11
2009-1
3
5
7
9
11
2010-1
3
5
7
9
11
2011-1
3
5
7
9
11
2012-1
3
5
7
9
11
2013-1
3
5
7
9
11
2014-1
3
5
7
9
11
2015-1
3
5
7
9
11
Construction Employment (sea.adj.) Construction Employment
Construction (million people)
9.5
10.0
10.5
11.0
11.5
12.0
12.5
13.0
13.5
14.0
14.5
2008-1
3
5
7
9
11
2009-1
3
5
7
9
11
2010-1
3
5
7
9
11
2011-1
3
5
7
9
11
2012-1
3
5
7
9
11
2013-1
3
5
7
9
11
2014-1
3
5
7
9
11
2015-1
3
5
7
9
11
Services Employment (sea.adj.) Services Employment
Services (million people)
Source: TURKSTAT
*As of November 2015.
The Household Labor Force Survey has started to report a new series of data since the period of February 2014 within the framework of the
European Union criteria. Results regarding the periods 2005-January 2014 are estimated by an econometric model.
39. Labour Force Participation Rate by Education Level (2014, %)
40
Male Female
Higher
Education
Note: The balloon size reflects the labour force share of the relevant group.
Higher
Education
Source: TURKSTAT
50. 515151
Inflation Developments in the World
-2
0
2
4
6
8
10
12
14
Jan-05
Aug-05
Mar-06
Oct-06
May-07
Dec-07
Jul-08
Feb-09
Sep-09
Apr-10
Nov-10
Jun-11
Jan-12
Aug-12
Mar-13
Oct-13
May-14
Dec-14
Turkey
World
Developing Countries
Developed Countries
Source: IMF, TURKSTAT
51. 5252
Turkey’s Rank According to Inflation Figures
The total number of countries is 188 as of 2014. The ranking is in descending order.
5
7
6
10
3
7
9
36
48
29
64
61
40
61
31
50
27
25
0
10
20
30
40
50
60
70
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Source: IMF
57. 585858
3.8
2.9
7.2
9.7
3.5
4.5
0
4
8
12
World Euro Area Developing
Asia
Middle East
and North
Africa
Latin America Turkey
Export Performance
(Average Annual Growth Rate, 2005-2014)
Source: TURKSTAT, IMF World Economic Outlook October 2015
63. 646464
Trend line: Moving Average
-40
-30
-20
-10
0
10
20
30
40
Ireland
Norway
CzechRepublic
Russia
Netherlands
Germany
Switzerland
SlovakRepublic
Hungary
Slovenia
Belgium
Denmark
Italy
Sweden
Poland
Finland
Austria
Iceland
Spain
Japan
France
Romania
UnitedStates
Lithuania
UnitedKingdom
Portugal
Estonia
Latvia
Bulgaria
Turkey
Luxembourg
Greece
Morocco
Cyprus
Malta
Foreign Trade (% of GDP, 2014)
Source: WTO, IMF World Economic Outlook October 2015
65. 666666
Trend line: Moving Average
-10
-5
0
5
10
15 Netherlands
Norway
Germany
Switzerland
Slovenia
Denmark
Sweden
Luxembourg
Hungary
Ireland
Iceland
Malta
Russia
Italy
Belgium
Greece
Spain
Austria
CzechRepublic
Portugal
Japan
Lithuania
Estonia
SlovakRepublic
Bulgaria
Romania
France
Poland
Finland
UnitedStates
Latvia
Cyprus
Morocco
Turkey
UnitedKingdom
Source: IMF World Economic Outlook October 2015
Current Account Balance (% of GDP, 2014)
68. 696969
-20 -10 0 10 20 30 40 50 60 70 80
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
Short-Term Capital
Long-Term Capital
Direct Investments (Net)
Portfolio Investments
Capital Inflows (Billion USD)
69
Source: CBRT
69. 707070
Central Bank’s Gross FX Reserves (Billion USD)
(*) As of February 19, 2016.
Source: CBRT
10
20
30
40
50
60
70
80
90
100
110
120
J02
A
J
O
J03
A
J
O
J04
A
J
O
J05
A
J
O
J06
A
J
O
J07
A
J
O
J08
A
J
O
J09
A
J
O
J10
A
J
O
J11
A
J
O
J12
A
J
O
J-13
N
T
O
J-14
A
J
O
J-15
A
J
O
J-16
$92.9 billion*
76. 777777
General Government Deficit (% of GDP, 2013)
Source: Eurostat
-0.2
-2
0
2
4
6
8
10
12
14
16
Ireland
Greece
UK
Portugal
Spain
Latvia
Poland
Slovakia
Lithuania
France
Romania
Slovenia
S.Cyprus
Netherlands
CzechRep.
Italy
Austria
Germany
Hungary
Croatia
Belgium
Malta
Bulgaria
Turkey
Denmark
Finland
Luxembourg
Estonia
Sweden
Maastricht criterion: 3 %
80. 818181
Medium Term Program (% GDP)
Source: Ministry of Development, Revised Medium Term Program 2016-2018, January 2016
2015 2016 2017 2018
Central Government Budget Balance -1.2 -1.3 -1.0 -0.8
Central Government Revenues 24.6 24.5 23.9 23.3
Central Government Expeditures 25.8 25.9 24.9 24.2
Central Government Primary Balance (IMF Definition) 0.4 0.1 0.5 1.0
Central Government Revenues (IMF Definition) 23.5 23.4 23.0 22.9
Central Government Primary Expenditures (IMF
Definition)
23.1 23.3 22.5 21.9
Rest Of Public Primary Balance (IMF Definition) 0.4 0.5 0.6 0.3
Total Public Sector Primary Balance (IMF Definition) 0.8 0.6 1.1 1.3
84. 858585
EU Defined Debt Stock (% of GDP)
2009 2010 2011 2012 2013 2014
Euro area (17 countries) 78.6 84.0 86.2 89.6 91.4 92.4
European Union (27 coun 73.1 78.5 81.1 83.8 85.5 86.8
Greece 126.7 146.2 172.0 159.4 177.0 178.6
Italy 112.5 115.3 116.4 123.2 128.8 132.3
Portugal 83.6 96.2 111.4 126.2 129.0 130.2
Belgium 99.5 99.6 102.2 104.1 105.1 106.7
Spain 52.7 60.1 69.5 85.4 93.7 99.3
France 79.0 81.7 85.2 89.6 92.3 95.6
United Kingdom 65.7 76.6 81.8 85.3 86.2 88.2
Austria 79.7 82.4 82.2 81.6 80.8 84.2
Hungary 78.0 80.6 80.8 78.3 76.8 76.2
Germany 72.5 81.0 78.4 79.7 77.4 74.9
Netherlands 56.5 59.0 61.7 66.4 67.9 68.2
Türkiye 46.0 42.3 39.1 36.2 36.1 33.5
Source: Eurostat, (Updated: 08-02-2016 ); Undersecretariat of Treasury, (As of December 31, 2015)
85. 868686
EU – Defined Debt Stock Targets
(% of GDP)
32.6
31.7
30.5
29.5
28
30
32
34
36
2015 2016 2017 2018
Source: Ministry of Development, Medium Term Economic Programme 2016-2018, January 2016
93. 949494
Sensitivity of General Government Debt to Shocks
2001 2014
Change in real exchange rate app/dep
by 5 percentage points
+ / - 2.2 points + / - 0.6 points
Change in TL interest rate by*
10 percent + / - 2.1 points + / - 0.2 points
25 percent + / - 5.2 points + / - 0.5 points
Change in GDP growth rate by
2 percentage points
+ / - 1.6 points + / - 0.7 points
Change in Primary Surplus/GDP ratio
by 1 percentage point
+ / - 1.0 points + / - 1.0 points
(*) Reflects percent change in TL interest rate in succeeding years.
Note: The effects of scenarios on “General Government Debt Stock/GDP” ratio (as defined by ESA standards)
measured by deviations from baseline scenarios based on end-2001 and end-2014 stock realizations.
Source: Undersecretariat of Treasury
100. 101101101
TRY Denominated Zero Coupon Borrowing Rates
(Comp. Ann., %)
Source: Undersecretariat ofTreasury
0
5
10
15
20
25
30
35
40
45
50
55
60
65
70
75
80
J
02
M S J
03
M S J
04
M S J
05
M S J
06
M S J
07
M S J
08
M S J
09
M S J
10
M S J
11
M S J
12
M S J
13
M S J
14
M S J
15
M S J
Monthly Average Yearly Cumulative
101. 102102102
Real Interest Rates (Comp. Ann., %)
Note: - The real interest rates are calculated by using 12 months ahead CPI rates. Calculations are based on zero coupon Treasury auction results and
Survey of Expectations of CBRT.
- Before 2013, the calculations are only based on zero coupon bonds however, as of 2013 they’re based on zero coupon bonds and 2-year fixed coupon
bonds together.
Source: CBRT, Undersecretariat of Treasury
105. Treasury Guaranteed Debt Stock
Source: Treasury
Million USD 2015 Q3
PUBLIC 6,530
CENTRAL GOVERNMENT 300
LOCAL GOVERNMENTS 838
PUBLIC BANKS 4,503
SOEs 888
PRIVATE 4,523
BANKS 4,523
GENERAL TOTAL 11,052
106
106. 107
The Ratio of Undertaken Treasury Guarantees to Total
Guaranteed Payments (%)
* Annualized as of January 2016
Source: Treasury
2,92,93,4
51,9
27,3
18,1 16,7
19,7
24,7
16,4
22,1
8,2
3,9
6,4
5,4
0
10
20
30
40
50
60
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
January*
118. 119119119
Banking Sector: Capital Adequacy Ratio in Selected
Emerging Markets (%, 2015Q3*)
Source: IMF-FSI, BRSA
* Quarter-end figures or latest available.
20.2
18.1
17.4 17.2
16.7 16.5
15.5 15.5 15.3 15.3 15.2
14.2
13.0 13.0 13.0 12.9
6.00
10.00
14.00
18.00
22.00
Indonesia
Romania
Colombia
Hungary
CzechRep.
Thailand
Brazil
Malaysia
Mexico
Poland
Turkey
Korea
Chile
China
Russia
India
126. 127127127
Total Housing Loans (% of GDP)
Source: FED, ECB, Eurostat, Bank of England, UK National Statistics, CBRT, TURKSTAT, BRSA, HDAT
(*) Total housing loans for 2010 comprises of housing credits extended by banks and consumer finance companies as well as
Household liabilities to HDAT due to HDAT’s housing sales with long term maturity.
83.6
71.8
40.7
6.2
0.2
60.3
52.1
29.6
0
20
40
60
80
100
UK US Euro Zone Turkey*
2001 2010
133. 134134134
Credit Rating
Standard & Poor’s Credit Rating
Source: Bloomberg
Jan-04
Apr-04
Jul-04
Oct-04
Jan-05
Apr-05
Jul-05
Oct-05
Jan-06
Apr-06
Jul-06
Oct-06
Jan-07
Apr-07
Jul-07
Oct-07
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Apr-10
Jul-10
Oct-10
Jan-11
Apr-11
Jul-11
Oct-11
Jan-12
Apr-12
Jul-12
Oct-12
Jan-13
Apr-13
Jul-13
Oct-13
Jan-14
Apr-14
Jul-14
Oct-14
Jan-15
Apr-15
Jul-15
Oct-15
Jan-16
N
S
P
BB-
N
S
P
B
N
S
P
B-
N
S
P
BB
N
S
P
BB+
N
S
P
B+
134. 135135135
Rating Map (as of February 29, 2016)
A2 Botswana, Poland, Slovakia A Trianidad & Tobago, Slovenia A Malta, Ireland
A3 Malta, Mexico, Peru, Lithuania, Latvia A- Botswana, Lithuania, Latvia, Saudi Arabia A- Poland, Latvia, Lithuania
Baa1 Thailand, Mauritius, Ireland BBB+ Thailand, Malta, Poland BBB+ Thailand, Italy, Mexico, Slovenia,
Peru, Mexico, Spain, Iceland Peru, Spain, Iceland
Baa2 Kazakhstan, Bulgari, Italy, Iceland BBB Panama BBB Kazakhstan,
Panama, Spain, Uruguay, Colombia, Bahamas Colombia, Philippines, Uruguay Panama
South Africa, Philippines, Trianidad & Tobago, Iceland Colombia
Baa3 Turkey (negative), Namibia, India, Romania, BBB- Morocco, India, Kazakhstan BBB- Turkey (stable), Morocco, Namibia, India,
Indonesia, Slovenia, Bahrain Romania, South Africa Romania, Indonesia, Bulgaria
Italy, Bahamas Uruguay, Philippines, Russia, Bahrain, South Africa
Ba1 Morocco, Albania, Hungary, Costa Rica BB+ Turkey (negative), Indonesia BB+ Costa Rica, Brazil
Guatemala, Croatia, Portugal, Russia, Paraguay Bulgaria, Russia, Hungary Hungary, Azerbaijan
Azerbaijan Portugal, Azerbaijan
Ba2 El Salvador, Angola, Brazil BB Guatemala BB Guatemala, Croatia, Bolivia
Crotia, Bahrain, Brazil
Ba3 Bangladesh, Georgia, Montenegro, BB- Bangladesh, Georgia, Vietnam, El Salvador, BB- Sri Lanka, Georgia, Suriname,
Bolivia, Suriname, Tunisia Paraguay, Suriname, Bolivia, Montenegro, Jordan El Salvador, Tunisia, Vietnam, Bangladesh
Costa Rica
B1 Senegal, Sri Lanka, Jordan, B+ Senegal, Sri Lanka, Fiji B+ Angola
Dominican Republic, Fiji, Papua New Guinea, Papua New Guinea
St Vincent/Grenadine, Vietnam Honduras, Albania
B2 Cambodia, Mongolia, Lebanon, Nicaragua B Bosnia Herzegovina, Cambodia, Jamaica B Lebanon, Ecuador, Egypt, Mongolia, Jamaica
Tunisia, Barbados, Ecuador, Mongolia, Angola
B3 Moldova, Barbados, Egypt, Pakistan B- Pakistan, Belarus, Lebanon, Belize B-
Bosnia Herzegovina, Honduras, Ecuador Egypt, Ukraine, Greece
Caa1 Argentina, Belarus CCC+ CCC+
Caa2 Belize, Cuba, Greece, Jamaica CCC Venezuela CCC Venezuela, Greece, Ukraine
Caa3 Venezuela, Greece, Ukraine CCC- CCC-
Ca CC CC
C C C
SD Argentina DDD
D/RD Argentina
Source: Bloomberg
Moody's Standard & Poor's Fitch
135. 136136136
EMBI+ Index: Comparison with Other Countries
Change (bp) (02.01.2008 – 29.02.2016)
Source: Bloomberg
2379
627
279
190
163
161
104
100
77
38
-88
-300 0 300 600 900 1200 1500 1800 2100 2400 2700 3000 3300
Venezuela
Ukraine
Brazil
EMBI+
S. Africa
Colombia
Mexico
Russia
Turkey
Argentina
Phillipines
136. 137137137
Equity Markets (Emerging and Mature Markets)
% Change (02.01.2008 – 29.02.2016)
Source: Bloomberg
51.5
36.9
27.6
18.2
15.3
12.4
3.4
-9.6
-17.9
-33.8
-49
-52.6
-66.9
68.9
-80 -60 -40 -20 0 20 40 60 80
S. Africa
Mexico
Turkey
USA (DJI)
Russia
Malaysia
India
S. Korea
Hungary
Poland
Brazil
China
Japan
Chech Rep.
137. 138138138
Currency Markets (Against USD)
% Change (02.01.2008 – 29.02.2016)
Source: Bloomberg
-210.7
-153.3
-135.5
-125.8
-73.7
-67.1
-65.4
-62.9
-38.3
-34.9
-32.0
-26.9
-3.0
10.1
-240 -220 -200 -180 -160 -140 -120 -100 -80 -60 -40 -20 0 20
Russia
Turkey
S. Africa
Brazil
India
Mexico
Hungary
Poland
Czech Rep.
Euro
S. Korea
Malaysia
Japan
China
139. 140140140
Starting a Business (Number of Procedures)
Source: World Bank Doing Business Report, 2014
13
13
12
9
6
6
6
5
5
5
4
4
4
4
0 4 8 12 16 20
China
Brazil
India
Czech Rep.
Mexico
Croatia
Turkey
Europe&Central Asia
South Africa
OECD
Poland
Hungary
Bulgaria
Thailand
140. 141141141
Starting a Business (Duration, Days)
33
30
27.5
27
19.5
19
18
15
12.8
11.1
8
6
6
5
0 10 20 30 40 50
China
Poland
Thailand
India
Czech Republic
South Africa
Bulgaria
Russia
Europe& Central Asia
OECD
Croatia
Mexico
Turkey
Hungary
Source: World Bank Doing Business Report, 2014
141. 142142142
Starting a Business (Cost, % of GDP Per Capita)
Source: World Bank Doing Business Report, 2014
1
1.3
2
3.6
4.6
6.7
6.7
8.2
8.6
9.3
12.7
14.3
19.7
0 5 10 15 20 25
Bulgaria
Russia
China
OECD
Brazil
Thailand
Europe&Central Asia
Czech Rep.
Hungary
Croatia
Turkey
Poland
Mexico
142. 143143143
Taxes on Income and Profit (% of GDP, 2012)
Source: OECD Factbook 2014
(*) 2011 Data
6.0
11.4
0
5
10
15
20
25
30
Mexico
SlovakRepublic
Turkey
Poland*
Hungary
Estonia
Slovenia
CzechRepublic
Korea
Chile
Greece
Portugal
Japan
Israel
Spain
Netherlands*
France
Germany
OECD*
UnitedStates
Ireland
UnitedKingdom
Austria
Switzerland
Luxembourg
Canada
Italy
Finland
Sweden
Australia*
Belgium
Iceland
NewZealand
Norway
Denmark
143. 144144144
Tax Revenue Comparisons (% of GDP, 2011)
(*) Includes Mexico, Korea, Czech Rep., Greece, Hungary, Ireland, Poland, Portugal, Slovak Rep. and Spain.
Source: OECD, Factbook 2014
0
5
10
15
20
25
30
35
40
Total Tax Revenue Income Taxes Taxes on Goods and
Services
Turkey OECD Comparative Group*
146. 147147147
For 1 Chapter
1- Science and Research
For 12 Chapters
For 2 Chapters
1- Education and Culture,
2- Economic and Monetary Policy
For 8 Chapters
Remaining chapters
EU Accession Process
Negotiations were opened and
provisionally closed
Negotiations were opened
provisionally but closing
benchmarks
Submission of our Position Papers
Opening benchmarks
Awaiting for the screening reports
I. Screening process: 3 October 2005 - 13 October 2006
II. Accession Talks :
1- Enterprise and Industrial Policy,2- Statistics,
3- Financial Control, 4- Consumer and Health Protection,
5- Trans-European Networks, 6- Company Law (fulfillment of opening benchmarks),
7-Intellectual Property Law (fulfillment of opening benchmarks)
8- Free Movement of Capital 9- Information Society & Media
10-Taxation, 11- Environment, 12- Food Safety, Veterinary & Phytosanitary Policy
148. 149149149
Social Security Reform
Uniform norm and standards for workers. civil servants and the self
employed
Gradual increase in retirement age to 65
Decrease in accrual rate to 2 %.
The valorization of past earnings by CPI+30 % of GDP real growth
Indexation of pensions to CPI
Universal health insurance
A new health scheme for the poor as of 2012
Introduction of copayments for health care
Global budget in some health expenditures
Main Features
149. 150150150
Decrease in Pension System Deficits
(2007-2075,% of GDP)
Source: World Bank, 2007
Before the Reform
After the Reform
151. 152152
Retirement Age for Men (2010)
44.9
30
35
40
45
50
55
60
65
70 Turkey
Greece
Italy
Hungary
Korea
Luxembourg
France
CzechRep.
SlovakRep.
Estonia
Slovenia
OECD
Japan
Australia
Austria
Belgium
Canada
Chile
Denmark
Finland
Germany
Ireland
Mexico
Netherlands
NewZealand
Poland
Portugal
Spain
Sweden
Switzerland
UnitedKingdom
UnitedStates
Iceland
Israel
Norway
Source: OECD, Pensions at a Glance, 2012
153. 154154
Life Expectancy After Pensionable Age for Men (2010)
30.1
0
5
10
15
20
25
30
35 Poland
Estonia
Slovakia
Norway
Denmark
Israel
USA
Hungary
Iceland
Portugal
Belgium
Mexico
Chile
Netherlands
Slovenia
Finland
Germany
Ireland
Austria
UK
Czechrep.
Spain
Swedish
newZealand
Canada
OECDAvg.
Switzerland
Australia
Japan
Korea
Luxembourg
France
Italy
Greece
Turkey
Source: OECD, Pensions at a Glance, 2012
154. 155155
Life Expectancy After Pensionable Age for Women (2010)
37.8
0
5
10
15
20
25
30
35
40 Mexico
Iceland
Norway
Denmark
USA
Portugal
Germany
Ireland
Netherlands
Belgium
NewZealand
Swedish
Finland
Canada
Spain
Estonia
Hungary
Australia
OECDAvg.
Poland
Israel
Swiss
Slovenia
Czechrep.
Slovakia
UK
Chile
Luxembourg
Austria
Korea
France
Japan
Italy
Greece
Turkey
Source: OECD, Pensions at a Glance, 2012
156. 157157157
Labor Market Reform
Reduction of labor cost
5 points of social security premium is covered by state.
Benefiting of 5 points of social security premium incentive, simultaneously with other employment incentives is
enabled.
Employer contribution of newly employed young and female workers is covered by Unemployment Insurance
Fund.
The employers’ share of social security premium for disabled workers is covered from the budget.
The application area of short-term payment is extended to sectoral and regional crises together with general
economic crises.
Daily short time working allowance that was 40% of daily average gross income is increased to 60%.
Active labor market programs
The budget allocation for active labor market program is increased by four times and raised to 1.5 billion TL per
year. (In previous implementation it was 30% of state contribution now it is 30% of total premium income)
Elimination of non-financial burdens:
Obligation of ex-convicts employment is abolished.
Sports facility, kindergarden, health and security unit’s requirements regulated in the Labor Law are alleviated.
Increasing Flexibility of Labor Market
Part-time workers will be eligible for retirement benefits by indebting their remaining hours from regular working
hours.
Part-time workers are covered by Unemployment Insurance Fund as regular workers.
157. 158158158Source: OECD Taxing Wages, 2013
Not: UR-07 is the level of tax wedge for Turkey in 2007
42.7
38.2
35.6
0
10
20
30
40
50
60 Belgium
France
Germany
Hungary
Austria
Italy
Sweden
TUR-07
Finland
CzechRepublic
Greece
EU-21
Spain
SlovakRepublic
Netherlands
Denmark
Turkey
Norway
Portugal
Luxembourg
OECD-Average
Poland
Iceland
UnitedKingdom
Japan
Canada
UnitedStates
Australia
Ireland
Switzerland
Korea
Mexico
NewZealand
Tax Wedge After Reform
(Single person at 100% of average earnings, no child, 2012)
158. 159159159
(*) Single without children at the income level of average worker
Source: OECD Taxing Wages 2013
0.0 10.0 20.0 30.0 40.0 50.0 60.0
N.Zealand
Mexico
Korea
Sw itzerla
Ireland
Australia
USA
Canada
Japan
UK
Iceland
Poland
OECD
Luxembo
Portugal
Norw ay
Turkey
Netherlan
Denmark
Spain
Greece
Czech
Finland
Sw eden
Italy
Austria
Hungary
Germany
France
Belgium
Income Tax Employee's SSC Employer's SSC
Income Tax Plus Employee’s and Employer’s Social
Security Contributions* (% of labor costs, 2012)
159. 160
Number of Insured Employees (Million Persons)
Source: Social Security Instutions, Montly Statistical Bulletin January 2015
160. 161
Social Security Coverage (Million Persons)
(Employees and Dependents)
Source: Social Security Instutions, Monthly Statistical Bulletin January 2015
162. 163163163
Source: stats.oecd.org
Agriculture Industry Services
Turkey 25.5 26.5 48.1
Mexico 13.4 24.4 62.2
Poland 13.1 30.7 56.2
Korea 6.4 24.8 68.9
Hungary 4.9 30.9 64.2
Spain 4.2 21.9 73.9
Italy 3.7 28.8 67.5
Japan 3.5 24.8 71.7
Czech Rep. 3.0 38.5 58.5
Canada 2.1 19.8 78.1
UK 1.2 19.1 79.7
Distribution of Employment by Economic Activity, 2011 (%)
163. 164164164
Restrictiveness of Protection Legislation on Temporary
Employment (Index Scale of 0-6 from Least to Most Restrictive)
4.88
0
1
2
3
4
5
6
Canada
USA
UK
SlovakRep.
Ireland
Australia
Switzerland
CzechRep.
Hungary
Netherlands
Japan
N.Zeland
Denmark
Austria
Sweden
Korea
Germany
Spain
Poland
EU-19
Finland
Italy
Belgium
Portugal
Norvey
Greece
France
Mexico
Luxembourg
Turkey
1998 2008
OECD Avg. 1.77
Source: OECD Labour Force Statistics Database, 2010
164. 165165
Part-time Employment (%, 2011)
0.0
10.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
CzechRep.
SlovakRep.
Hungary
Belgium
Poland
Slovenia
Estonia
Greece
Portugal
Turkey
USA
Finland
Spain
Korea
France
Israel
Sweden
Luxembourg
OECD
Italy
Iceland
Chile
Mexico
Austria
Denmark
Canada
Norway
Japan
NewZealand
Germany
UK
Australia
Part-time Employment as a Proportion of Total Employment Women's Share in Part-time Employment
Source: OECD, Labor Force Statistics Database
165. 166166166
Severance Payments Burden (2010)
(As weeks of Payment for 20 Years Work)
87
0
10
20
30
40
50
60
70
80
90
100
USA
Poland
Bulgaria
Romania
Russia
Ireland
UK
CzechRep.
Canada
Hungary
France
Greece
Brazil
Germany
Spain
Portugal
Turkey
Source: World Bank, Doing Business in 2011
167. 168168168
In 2002, 3 billion dollars.
In 2012, 12.7 billion dollars.
R&D expenditures increased by 320.6 % between 2002
and 2012
Turkey: R&D Expenditures (Current PPP, USD)
Source: OECD, Main Science and Technology Indicators
170. 171171171
In 2002, 28,964 people.
In 2012, 105,122 people.
Number of R&D personnel increased by 262 %
between 2002-2012
Turkey: Number of FTE* R&D Personnel
(*) Full Time Equivalent
Source: TURKSTAT
172. 173173173
In 2002, 23,995 people.
In 2012, 82,122 people.
Number of researchers increased by 242 % between
2002-2012
Turkey: Number of FTE Researchers
(*) Full Time Equivalent
Source: TURKSTAT
174. 175175175
In 2002, 8,975 publications.
In 2012, 25,018 publications.
Number of scientific publications increased by 179 %
between 2002 and 2012
Turkey: Number of Scientific Publications
Source: TUBİTAK
176. 177177177
Number of Scientific Publications per Million People
Source: TUBITAK
331
319313
301
274
257
219
208
197
159
136
100
150
200
250
300
350
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
177. 178178178
In 2002, 85 international patent applications.
In 2012, 535 international patent applications.
Number of international patent applications increased by
529 % between 2002-2012.
Turkey: Number of International Patent Applications
Source: WIPO, World Intellectual Property Indicators Report