Case Study – Country of Turkey
Turkey is a large, middle-income country with relatively few natural resources. Its economy is currently in transition from a high degree of reliance on agriculture and heavy industry to a more diversified economy with an increasingly large and globalized services sector.
The energy sector is one that will benefit significantly from the growth in Turkeys economy. “Electricity demand is expected to grow by 7%, on average, each year for the next decade, thanks to industrialization, increasing urbanization and population growth,”
The construction industry has always been the main driver of Turkish economic growth,
The tourism industry is also important, in part because of Turkeys “enviable” position between three continents, The main growth in the future will come from such areas as cultural tourism, spas, golf, mountain hiking, winter tourism, exploring caves, yachting, scuba diving, parachuting and other specialized niches,
Healthcare is another promising sector because of Turkeys large population and the growing penetration of health insurance throughout the country,
ECONOMIC
Fiscal discipline and a tight fiscal policy continue to be the main pillars of Turkeys economic program, and both have contributed substantially to disinflation, as well as to the strong growth performance. In addition to its sound macroeconomic policies, Turkey has implemented a comprehensive and far-reaching structural reform agenda. Compared with the experiences of other countries, Turkeys success has been remarkable, primarily on the back of its speed in carrying out structural and institutional changes. Indeed, Turkey has made great progress in restructuring its financial sector, as well as in improving public sector governance and its business environment.
The structural reforms that have been implemented are