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Turkey failed to achieve its main economic targets in 2014, barring a significant decrease in the current account deficit. This outcome had become obvious months ago, prompting the government to revise its middle-term economic program in October. The current account deficit narrowed more than expected, thanks to the fall in oil prices and the slowdown in economic growth, but most year-end indicators fell behind even the revised targets.
Let’s first see how the targets had been revised:
