Turkey vis-à-vis the periphery of the EU: An economic assessment

Oktar Türel

Abstract


The aim of this paper is to review the Turkish economic experience in comparison to those countries at the periphery of the EU in the last three decades. Starting with the assessment of economic performance in major country groups over the last three medium-term cycles of the world economy, the paper then proceeds to the examination of debt-led boom and the subsequent recession in that periphery over the 2000s. In the following section, Turkish economic development over the long run is reviewed and it is noted that, from the early 1980s to the present, Turkey had a better record of output growth vis-à-vis the Eastern & South Eastern periphery of the EU. However, Turkey has recently started to show signs of deindustrialisation and has also been faced with some adverse social consequences of privatisation and deunionisation similar to what has been observed in the periphery of the EU.


Keywords


Economic development, medium-term cycles, debt-led growth, the periphery of the EU, Turkey.

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