Author: Haberturk (Turkey) Posted February 3, 2012
A report by a team of IMF experts had been blocked by Ankara government on grounds that “we can’t allow the subjective assessments of a few novice experts who don’t know Turkey at all to damage the image of this country.” [The report] was finally released.
We don’t know whether the report is a version modified by the Turkish government or whether it is the original. Perhaps the government agreed to this one because it is considerably more optimistic than the one IMF prepared for the G-20 meeting. For example in the unpublished November 2011 report, the growth rate for Turkey in 2012 was forecast at 2 %. In the report prepared for G-20 that rate was lowered to 0.4 %. While our government has been drawing a rosy picture [of our economy], and has been touting Turkey as an [economic] model for the whole world, the reasons behind the rather pessimistic IMF outlook can be found in the details of the experts’ report.
Our government says that the Central Bank is playing a key role and that all of its policies are appropriate and effective. IMF experts however find faults with segments of its policies, calling them ineffective. It contains a few very bitter criticisms.
Here are a few important points the IMF makes in its report:
The government and IMF agree on one point: The fate of the economy will be decided by hot money. The government insists hot money will continue to flow in 2012 and hence, its rosy outlook. But, as its vision of Europe darkens, the IMF will become more pessimistic with regards to Turkey.
Read More: http://www.al-monitor.com/pulse/business/2012/02/why-is-imfs-turkey-lens-always-d.html