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Macroeconomic policies and outcomes during the post-2002 election period

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Chapter Summary

This chapter focuses on Turkey's restructuring efforts and the reform process that gained renewed urgency after the EU's affirmative December 2002 decision, which immediately followed the general election. Recapitulating the main highlights of the economic developments before the decision, the chapter examines macroeconomic policies and outcomes during the post-election period and briefly examines some of the major reforms that have been introduced since then. The emphasis this time is on structural reforms, which includes the completion of banking and public-sector restructuring and privatization, and the enhancement of fiscal transparency. The majority of the Turkish people opposed the war, as did the EU. The majority of commercial banks incurred huge losses, losing their net worth, and some even ended up being liquidated. Finally, on the enhanced political dialogue, Turkish foreign policy is contributing positively to regional stability.

Keywords: December 2002 decision; macroeconomic policies; outcomes; post-election period; Turkish foreign policy



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