Overview of the world economy: The case of Turkey, expectations, and possibilities

Recent studies showed that after the 2008 global economic crisis, the world economy will reorganise and making national and regional policies will become harder in the near future. As well, there will be a major shift towards specialisation which will change the distribution of added value in the whole world. In this work, we discuss the changing position of the Turkish economy in a changing/shifting world with a multidimensional perspective by using basic macroeconomic indicators. This analysis is applied to the Turkish economy for the 2002-2013 period and the analysis is divided to two sub-periods which are 2002-2007 and 2008-2013. Compared to other OECD countries, some key indicators of Turkey (i.e. GDP per capita growth, inflation rate) are drawing a positive picture. On the other hand, some other indicators (i.e. current account deficit, import dependency of export, and political uncertainty) demonstrate a negative picture and show the necessity for some new and reformist policy tools. Unless Turkey pursues radical policy changes, it will encounter the risk of isolation due to the changing structure of the global economy. © 2016 Peter Lang GmbH. All rights reserved.