Turkey
Report by the WTO Secretariat
Like so many other countries across the world Turkey felt the impact of the global financial crisis in 2008 and 2009 with a precipitous decline in exports accompanied by a loss of domestic demand. However Turkey was able to capitalize on structural reforms undertaken in the aftermath of severe domestic economic crises in 1999 and 2001. The reforms included market liberalization to promote private sector growth privatization agricultural reform banking system strengthening fiscal discipline tight monetary policy with inflation targeting and a floating exchange rate regime. Thus in responding to the recent crisis a robust banking sector and a good fiscal position allowed the Government to provide fiscal stimulus to restore growth. The economic decline proved short-lived and the subsequent rebound has been strong.
Introduction
The Trade Policy Review Mechanism (TPRM) was first established on a trial basis by the GATT contracting parties in April 1989. The Mechanism became a permanent feature of the World Trade Organization under the Marrakesh Agreement which established the WTO in January 1995.