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Convenient Fictions, Inconvenient Truths: A Comment on Öniş and Bayram

Published online by Cambridge University Press:  21 July 2015

Ravi Arvind Palat
Ravi Arvind Palat*
Affiliation:
State University of New Yorkat Binghamton, [email protected]
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Extract

Ziya Öniş and İsmail Emre Bayram seek to assess whether the rapid rates of growth experienced by the Turkish economy since it weathered a severe crisis in 2001 as measured by several indices—high levels of investment, especially foreign investment; sustained “export orientation;” increased outlays for education, research and development; sustained economic and political stability, and “favorable regional dynamics” as the European Union (EU) enlargement process—are merely a flash in the pan or sustainable over the long-run. To do this they cast the Turkish trajectory against the “miracle economies” of East Asia, as well as some other middle-and low-income economies in Latin America and elsewhere. Based on this analysis, they conclude that while there are some serious concerns—low domestic savings rate, large deficits in the current account, tapering off the EU accession process, dependence on foreign capital and export markets— long-term sustainable growth can be achieved in Turkey if these vulnerabilities are addressed.

Type
Articles
Information
New Perspectives on Turkey , Volume 39 , Fall 2008 , pp. 85 - 95
Copyright
Copyright © New Perspectives on Turkey 2008

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