Transformation of The Turkish Economy: An Overview
The transformation process of the Turkish economy from an import substituting economy to export based economy initiated in 1980 was interrupted several times by either external (in 1997/1998 and 2008) or internal crisis (in 1994 and 2000/2001). In each case, the transformation plan was revised as required around its fundamentals, identified in the Washington Consensus, to face the challenges. The recent global financial crises of 2008 provided the last testing ground for the political and economic flexibility of not only the Turkish government but also other governments to face external as well as internal instabilities. The Turkish response so far regarded as quite successful. The continuity of this success, however, will largely be dependent on the Turkish government’s adjustment of the structural transformation in line with the changes in the world economy.