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Export-Led Growth: 1980- Onwards

Export-Led Growth: 1980- Onwards. 1980 1983 1989 2011 Outward Orientation Financial Liberalization. Economy at 1970’s:. High inflation 1957-58: 20-25% 1970’s : 75-80 % Unsustainable trade deficits 1950’s: 300-400 million US$

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Export-Led Growth: 1980- Onwards

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  1. Export-Led Growth: 1980- Onwards 1980 1983 1989 2011 Outward Orientation Financial Liberalization

  2. Economy at 1970’s: • High inflation • 1957-58: 20-25% • 1970’s : 75-80 % • Unsustainable trade deficits • 1950’s: 300-400 million US$ • 1970’s: 2500 million US$ • High unemployment rates • 1972: 13,3% • 1983: 16%

  3. Economy at 1970’s: • External factors: • Increases in oil prices (OPEC) • Economic crises in trade partners • The collapse of the Bretton-Woods system • Cyprus operation • New trends in the world: • USAReaganomics • UK Thatcherism

  4. Economy at 1970’s: • Government Policies: • Industrialization: • Consumption goods Etatism period • Durable consumption goodsPlanned economy • Intermediate goods • Investment goods • Stabilization efforts

  5. Structural Adjustment Program:January 24, 1980 • Prepared by Turgut Özal (Undersecretary of the Prime Minister) under the control of IMF. • Prime Ministers: • 1980-83: Bülent Ulusu (Military Rule) • 1983-87: Turgut Özal (Anavatan Party) • 1987-89: Turgut Özal (Anavatan Party)

  6. Structural Adjustment Program:January 24, 1980 • General Principles: • Long-term economy policy • To end economic crisis in the short-run • Structural change in the long-run • Free Market Economy • Price Mechanism • Decresing role of government • Export-led Growth

  7. Structural Adjustment Program: Policies • 1. Pricing • Goods and services market • Labor market • Money market • Foreign exchange market

  8. 1968-1972: 1st vicious circle

  9. 1968-1972: 2nd vicious circle

  10. Structural Adjustment Program: Policies • 2. Outward Orientation • Export promotion • Exchange rate policy • Export tax rebate system • Cash premiums • Export credits • Import liberalization

  11. Structural Adjustment Program: Policies • 3. Foreign Investment Expectation • 4. Public Sector Reform • To broaden the tax base • Rationalization of public investments • To improve the functioning of the PEEs • Privatization

  12. Main Economic Indicators (%)

  13. Main Economic Indicators (%)

  14. Main Economic Indicators (%)

  15. Yeldan, 2001, s.52.

  16. Growth Rates: 1923-2010

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