![Page 1: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/1.jpg)
AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS
KEMAL UNAKITANMINISTER OF FINANCE
September 5, 2008
REPUBLIC OF TURKEY MINISTRY OF FINANCE
![Page 2: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/2.jpg)
DEVELOPMENTS IN THE WORLD ECONOMY
![Page 3: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/3.jpg)
33
VOLATILITY IN THE GLOBAL MARKETS…
300,000
320,000
340,000
360,000
380,000
400,000
420,000
440,000
01.0
1.20
0715
.01.
2007
29.0
1.20
0712
.02.
2007
26.0
2.20
0712
.03.
2007
26.0
3.20
0709
.04.
2007
23.0
4.20
0707
.05.
2007
21.0
5.20
0704
.06.
2007
18.0
6.20
0702
.07.
2007
16.0
7.20
0730
.07.
2007
13.0
8.20
0727
.08.
2007
10.0
9.20
0724
.09.
2007
08.1
0.20
0722
.10.
2007
05.1
1.20
0719
.11.
2007
03.1
2.20
0717
.12.
2007
31.1
2.20
0714
.01.
2008
28.0
1.20
0811
.02.
2008
25.0
2.20
0810
.03.
2008
24.0
3.20
0807
.04.
2008
21.0
4.20
0805
.05.
2008
19.0
5.20
0802
.06.
2008
16.0
6.20
0830
.06.
2008
14.0
7.20
0828
.07.
2008
11.0
8.20
0825
.08.
2008
![Page 4: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/4.jpg)
4
GLOBAL GROWTH…
2,8
3,6
4,94,4
5,0 4,9
3,93,7
0
0,5
1
1,5
2
2,5
3
3,5
4
4,5
5
2002 2003 2004 2005 2006 2007 2008 2009
Real GDP Growth (Percent)
![Page 5: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/5.jpg)
5
ANNUAL INFLATION IN SOME COUNTRIES…
Annual Consumer Prices Index
(Percent)
2,6
6,7
2,0 1,8
9,7
6,8
13,1
10,0
5,9
12,1
0
2
4
6
8
10
12
14
Czech Republic Iceland China Belgium Turkey
2006 2008 July
![Page 6: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/6.jpg)
66
GLOBAL ENERGY PRICES…
Annual Energy Prices Inflation
(Percent)
9,8 9,0 9,4
24,1
18,2
22,5
0
5
10
15
20
25
G7 OECD - Europe OECD - Total
2006 2008 J uly
![Page 7: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/7.jpg)
77
GLOBAL FOOD PRICES…
Annual Food Prices Inflation
(Percent)
1,7
2,72,2
6,9
8,4
7,2
0
1
2
3
4
5
6
7
8
9
10
G7 OECD - Europe OECD - Total
2006 2008 J uly
![Page 8: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/8.jpg)
8
CAPITAL INFLOWS TO THE DEVELOPING COUNTRIES…
113
228
341
521
568
782
731
0
100
200
300
400
500
600
700
800
2002 2003 2004 2005 2006 2007 2008
Net Private Capital Inflows(Billion dollar)
![Page 9: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/9.jpg)
DEVELOPMENTS IN THE TURKISH ECONOMY
![Page 10: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/10.jpg)
10
GROSS DOMESTIC PRODUCT…
230
660
773
0
100
200300
400500
600700
800
2002 2007 2009 Program
Gross Domestic Product
(Billion Dollar )
![Page 11: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/11.jpg)
1111
GROWTH…
6,25,3
9,48,4
6,9
4,5
7,66,6
0
2
4
6
8
10
2002 2003 2004 2005 2006 2007 2007-1 2008-1
GDP Growth (1998 Based, Percent)
![Page 12: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/12.jpg)
1212
INFLATION…
Annual CPI Inflation(Percent)
29,7
18,4
11,8
8,49,7
7,79,3
7
12
17
22
27
32
2002 2003 2004 2005 2006 2007 2008 August
![Page 13: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/13.jpg)
1313
PUBLIC SECTOR BORROWING REQUIREMENT…
7,0
12,1
10,0
7,3
3,6
-0,3 -2,00,0
-2
0
2
4
6
8
10
12
14
1990-2000
Average
2001 2002 2003 2004 2005 2006 2007
Public Sector Borrowing Requirement/GDP
(Percent)
![Page 14: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/14.jpg)
1414
PUBLIC DEBT STOCK (EU DEFINITION)…
73,767,4
59,2
52,346,1
38,8 37,0 35,033,0 31,0 30,0
0
10
20
30
40
50
60
70
80
General Government Debt Stock (EU Definition)/GDP
(Percent)
![Page 15: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/15.jpg)
1515
DEBT STOCK IN SOME COUNTRIES…
0
20
40
60
80
100
120
140
160
180
Japa
n
Ital
y
Gre
ece
Ger
man
y
Fran
ce
Port
ugal
Indi
a
Braz
il
UK
Pola
nd
Tur
key
USA
Indo
nesia
Kor
ea
Mex
ico
Chi
na
Rus
sia
179,
0
104,
6
89,7
64,5
63,9
63,6
58,0
45,1
43,3
43,1
38,8
36,9
34,1
24,6
22,8
18,4
5,9
General Government Debt Stock/GDP (2007, Percent)
![Page 16: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/16.jpg)
1616
External Debt Stock/GDP (Percent)
28,0
23,2
19,4
14,6 13,611,1
18,716,0 16,3 17,2
22,424,0
37,5
56,2
47,3
41,2
35,0
39,0
0
10
20
30
40
50
60
2002 2003 2004 2005 2006 2007
0
10
20
30
40
50
60
Public External Debt Private Sector External Debt Total External Debt
EXTERNAL DEBT STOCK…
![Page 17: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/17.jpg)
1717
215.323
88.359
250.593
78.316
274.195
74.897
270.275
42.051
258.191
30.462
248.312
11.193
246.821
9.622
0
50.000
100.000
150.000
200.000
250.000
300.000
2002 2003 2004 2005 2006 2007 2008 Q1
Net Public Debt Stock(Million TRY)
Total Net Debt Net External Debt
NET PUBLIC DEBT STOCK…
![Page 18: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/18.jpg)
1818
58,1
41,9
53,7
46,3
58,5
41,5
62,4
37,6
62,8
37,2
68,7
31,3
69,8
30,2
0
10
20
30
40
50
60
70
2002 2003 2004 2005 2006 2007 2008 J uly
Foreign Exchange Structure of Central Government Total Debt Stock(Percent)
TRY Foreign Exchange
FOREIGN EXCHANGE DEBT…
![Page 19: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/19.jpg)
1919
BUDGET DEFICIT…
11,5
8,8
5,2
1,10,6
1,6 1,4 1,4
0
2
4
6
8
10
12
2002 2003 2004 2005 2006 2007 2008 2009
Budget Deficit/GDP
(Percent)
![Page 20: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/20.jpg)
20
BUDGET BALANCE IN SOME COUNTRIES…
6,0
4,5
3,4 3,2
2,72,4 2,3 2,2
1,6
1,10,8 0,7
0
1
2
3
4
5
6
Hun
gary
Gre
ece
Por
tuga
l
Pol
and
UK
Italy
Cze
ch R
epub
lic
Fra
nce
Tur
key
Bel
gium
Ger
man
y
Aus
tral
ia
Central Government Budget Deficit/GDP(2007, Percent)
![Page 21: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/21.jpg)
21
PRIMARY SURPLUS IN SOME COUNTRIES…
5,8
4,0
3,5 3,53,3
3,12,5 2,4
2,0
1,00,9
0,50,3 0,2
0,0
1,0
2,0
3,0
4,0
5,0
6,0R
uss
ia
Bra
zil
Tu
rke
y
Be
lgiu
m
Arg
en
tina
Italy
Me
xico
Ge
rma
ny
Gre
ece
Po
lan
d
Ind
ia
US
A
Ind
on
esi
a
Po
rtu
ga
l
Primary Surplus /GDP(2007, Percent)
![Page 22: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/22.jpg)
22
DEVELOPMENT OF DEBT SERVICES…
Interest Payments/GDP
(Percent)
5,7
10,1
12,9
14,8
6,17,0
0
2
4
6
8
10
12
14
16
2002 2003 2004 2005 2006 2007
![Page 23: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/23.jpg)
23
DEVELOPMENT OF DEBT SERVICES …
85,9
71,0
56,3
38,233,4
31,9
0
10
20
30
40
50
60
70
80
90
100
2002 2003 2004 2005 2006 2007
Interest Payments/Tax Revenues(Percent)
![Page 24: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/24.jpg)
24
STRONG REVENUE STRUCTURE…
60.205
82.484
100.342
119.627
137.560
155.315
174.615
198.601
0
20.000
40.000
60.000
80.000
100.000
120.000
140.000
160.000
180.000
200.000
2002 2003 2004 2005 2006 2007 2008 2009
Tax Revenues(Million TRY)
![Page 25: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/25.jpg)
25
TAX REVENUES…
75,8
80,5
71
73
75
77
79
81
83
2002 2008
Tax Revenues/Budget Revenues(Percent)
![Page 26: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/26.jpg)
2626
DEVELOPMENTS IN EXPORT AND IMPORT…
Export-Import(12 Month Cumulative Change, Percent)
16
19
22
25
28
31
34
J F M A M J J A S O N D J F M A M J J
2007 2008
Export Import
![Page 27: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/27.jpg)
27
GLOBAL COMPETITION INDEX…
65
53
0
10
20
30
40
50
60
70
2002 2007
Turkey's Rank
![Page 28: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/28.jpg)
28
DOING BUSINESS INDEX …
92
57
0
20
40
60
80
100
2002 2008
Turkey's Rank In The World
![Page 29: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/29.jpg)
29
NUMBER OF COMPANIES ESTABLISHED…
30.842 32.259
40.925
47.401
52.699 55.350
33.819 33.142
0
10.000
20.000
30.000
40.000
50.000
60.000
2002 2003 2004 2005 2006 2007 2007January-
July
2008January-
July
Number of Companies Established(Number)
![Page 30: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/30.jpg)
30
FOREIGN DIRECT CAPITAL INFLOW…
1,1 1,82,8
10,0
20,022,2
7,6
18,5 19,1
21,0
0
5
10
15
20
25
2002 2003 2004 2005 2006 2007 2008 January-
June
2008 2009 2010
Foreign Direct Investment(Domestic, Billion Dollar)
![Page 31: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/31.jpg)
3131
ENERGY IMPORT…
9.204
11.575
14.407
21.255
28.859
33.883
17.584
29.434
0
5.000
10.000
15.000
20.000
25.000
30.000
35.000
2002 2003 2004 2005 2006 2007 2007
J anuary-
J uly
2008
J anuary-
J uly
Energy Import(Million Dollar)
![Page 32: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/32.jpg)
3232
CURRENT ACCOUNT DEFICIT IN SOME COUNTRIES …
15,7
14,1
10,19,8
7,9
6,2 5,75,3 5,0
4,2
0
2
4
6
8
10
12
14
16
18
Iceland Greece Spain Portugal New
Zealand
Australia Turkey USA Ireland England
Current Account Deficit/GDP(2007, Percent)
![Page 33: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/33.jpg)
33
FINANCING OF CURRENT ACCOUNT DEFICIT…
59
4237
3228
26
4
0
8
16
24
32
40
48
56
64
Turkey Australia Spain USA New
Zealand
Portugal Greece
Direct Investments/Current Account Deficit(2007, Percent)
![Page 34: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/34.jpg)
34
ASSET SIZE OF BANKING SECTOR…
213250
306
407
500
582
657
0
100
200
300
400
500
600
700
2002 2003 2004 2005 2006 2007 2008 J une
Asset Size of Banking Sector(Billion TRY)
![Page 35: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/35.jpg)
3535
CAPITAL ADEQUACY OF SECTOR…
Capital Adequacy Standard Ratio
(Percent)
16,7918,94
21,9023,73
28,2430,93
25,12
0
5
10
15
20
25
30
35
2002 2003 2004 2005 2006 2007 2008 J une
![Page 36: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/36.jpg)
36
CREDITS/DEPOSITS RATIO OF THE SECTOR …
Credits/Deposits Ratio
(Percent)
35,542,6
52,0
62,2
71,2
80,084,4
0
10
20
30
40
50
60
70
80
90
2002 2003 2004 2005 2006 2007 2008 J une
![Page 37: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/37.jpg)
3737
DEVELOPMENTS IN SOME STOCK EXCHANGES…
DOW JONES (USA)
10500
11000
11500
12000
12500
13000
13500
02/0
1/20
0809
/01/
2008
16/0
1/20
0824
/01/
2008
31/0
1/20
0807
/02/
2008
14/0
2/20
0822
/02/
2008
29/0
2/20
0807
/03/
2008
14/0
3/20
0824
/03/
2008
31/0
3/20
0807
/04/
2008
14/0
4/20
0821
/04/
2008
28/0
4/20
0805
/05/
2008
12/0
5/20
0819
/05/
2008
27/0
5/20
0803
/06/
2008
10/0
6/20
0817
/06/
2008
24/0
6/20
0801
/07/
2008
09/0
7/20
0816
/07/
2008
23/0
7/20
0830
/07/
2008
06/0
8/20
0813
/08/
2008
20/0
8/20
0827
/08/
2008
NIKKEI 225 (JAPAN)
12000
12500
13000
13500
14000
14500
15000
15500
16000
04/0
1/20
0811
/01/
2008
21/0
1/20
0828
/01/
2008
04/0
2/20
0812
/02/
2008
19/0
2/20
0826
/02/
2008
04/0
3/20
0811
/03/
2008
18/0
3/20
0826
/03/
2008
02/0
4/20
0809
/04/
2008
16/0
4/20
0823
/04/
2008
01/0
5/20
0812
/05/
2008
19/0
5/20
0826
/05/
2008
02/0
6/20
0809
/06/
2008
16/0
6/20
0823
/06/
2008
30/0
6/20
0807
/07/
2008
14/0
7/20
0822
/07/
2008
29/0
7/20
0805
/08/
2008
12/0
8/20
0819
/08/
2008
26/0
8/20
08
BRAZIL INDEX
45000
50000
55000
60000
65000
70000
75000
02/0
1/20
08
10/0
1/20
08
18/0
1/20
08
29/0
1/20
08
08/0
2/20
08
18/0
2/20
08
26/0
2/20
08
05/0
3/20
08
13/0
3/20
08
24/0
3/20
08
01/0
4/20
08
09/0
4/20
08
17/0
4/20
08
28/0
4/20
08
07/0
5/20
08
15/0
5/20
08
26/0
5/20
08
03/0
6/20
08
11/0
6/20
08
19/0
6/20
08
27/0
6/20
08
07/0
7/20
08
16/0
7/20
08
24/0
7/20
08
01/0
8/20
08
11/0
8/20
08
19/0
8/20
08
27/0
8/20
08
SHANGAY INDEX (CHINA)
2000
2500
3000
3500
4000
4500
5000
5500
6000
02/0
1/20
08
15/0
1/20
08
28/0
1/20
08
15/0
2/20
08
28/0
2/20
08
12/0
3/20
08
25/0
3/20
08
08/0
4/20
08
21/0
4/20
08
06/0
5/20
08
19/0
5/20
08
30/0
5/20
08
13/0
6/20
08
26/0
6/20
08
09/0
7/20
08
22/0
7/20
08
04/0
8/20
08
15/0
8/20
08
28/0
8/20
08
![Page 38: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/38.jpg)
38
IMKB-100 INDEX (Istanbul Stock Exchange)…
IMKB-100 Index (Closing)
25 000
30 000
35 000
40 000
45 000
50 000
55 000
60 00002
.01.
2008
14.0
1.20
08
26.0
1.20
08
07.0
2.20
08
19.0
2.20
08
02.0
3.20
08
14.0
3.20
08
26.0
3.20
08
07.0
4.20
08
19.0
4.20
08
01.0
5.20
08
13.0
5.20
08
25.0
5.20
08
06.0
6.20
08
18.0
6.20
08
30.0
6.20
08
12.0
7.20
08
24.0
7.20
08
05.0
8.20
08
17.0
8.20
08
29.0
8.20
08
![Page 39: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/39.jpg)
3939
TOTAL PORTFOLIO OF FOREING INVESTORS IN TURKEY …
77 7580
8786
91 92
0
10
20
30
40
50
60
70
80
90
100
27.06.2008 04.07.2008 11.07.2008 18.07.2008 25.07.2008 08.08.2008 15.08.2008
Portfolio of Foreigners in Turkey (Billion Dollar)
![Page 40: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/40.jpg)
4040
PRIVATIZATION IS CONTINUING…
Privatization Administration 32 billion dollar
SDIF 7,4 billion dollarGeneral Directorate of State Airports Authority (DHMİ) 8,8 billion dollar
VakıfBank 1,3 billion dollar
TOTAL 49,5 billion dollar
Amount of Privatization Transactions Carried Out In The Period of 2003-2008 August
![Page 41: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/41.jpg)
4141
STRUCTURAL REFORMS…
• Social security reform
• Employment reform
• Incentive law
• Reducing tax wedges on employment
• Preparing industrial inventory
• R & D reform
• Law of obligations
• New Turkish Commercial Law
• Simplification of VAT
![Page 42: AN OVERVIEW ON TURKISH ECONOMY AND RECENT DEVELOPMENTS KEMAL UNAKITAN MINISTER OF FINANCE September 5, 2008 REPUBLIC OF TURKEY MINISTRY OF FINANCE](https://reader030.vdocuments.us/reader030/viewer/2022032709/56649ed35503460f94be2cb6/html5/thumbnails/42.jpg)
4242
STRUCTURAL REFORMS …
• Fiscal rule
• Energy market reform
• Increasing own revenues of local governments
• Public civil service reform
• Strengthening financial and administrative structure of public
economic enterprises
• Build-Operate-Transfer Model for completing infrastructure
investments