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Export-Led Growth: 1980- Onwards

Explore the pivotal shift towards export-led growth in the 1970s, driven by structural adjustment programs and outward orientation policies. Analyze the impact of financial liberalization, inflation, and external factors on the economy, with a focus on government policies and market reforms. Learn about the transition towards a free-market economy and the influence of global trends such as Reaganomics and Thatcherism. Unveil the economic indicators and growth rates shaping the path from crisis to sustainable development, as detailed in Yeldan's comprehensive analysis. Delve into the historical background, policies, and outcomes of this transformative period in global economic history.

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Export-Led Growth: 1980- Onwards

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  1. Export-Led Growth: 1980- Onwards 1980 1983 1989 2011 Outward Orientation Financial Liberalization

  2. Economy at 1970’s: • High inflation • 1957-58: 20-25% • 1970’s : 75-80 % • Unsustainable trade deficits • 1950’s: 300-400 million US$ • 1970’s: 2500 million US$ • High unemployment rates • 1972: 13,3% • 1983: 16%

  3. Economy at 1970’s: • External factors: • Increases in oil prices (OPEC) • Economic crises in trade partners • The collapse of the Bretton-Woods system • Cyprus operation • New trends in the world: • USAReaganomics • UK Thatcherism

  4. Economy at 1970’s: • Government Policies: • Industrialization: • Consumption goods Etatism period • Durable consumption goodsPlanned economy • Intermediate goods • Investment goods • Stabilization efforts

  5. Structural Adjustment Program:January 24, 1980 • Prepared by Turgut Özal (Undersecretary of the Prime Minister) under the control of IMF. • Prime Ministers: • 1980-83: Bülent Ulusu (Military Rule) • 1983-87: Turgut Özal (Anavatan Party) • 1987-89: Turgut Özal (Anavatan Party)

  6. Structural Adjustment Program:January 24, 1980 • General Principles: • Long-term economy policy • To end economic crisis in the short-run • Structural change in the long-run • Free Market Economy • Price Mechanism • Decresing role of government • Export-led Growth

  7. Structural Adjustment Program: Policies • 1. Pricing • Goods and services market • Labor market • Money market • Foreign exchange market

  8. 1968-1972: 1st vicious circle

  9. 1968-1972: 2nd vicious circle

  10. Structural Adjustment Program: Policies • 2. Outward Orientation • Export promotion • Exchange rate policy • Export tax rebate system • Cash premiums • Export credits • Import liberalization

  11. Structural Adjustment Program: Policies • 3. Foreign Investment Expectation • 4. Public Sector Reform • To broaden the tax base • Rationalization of public investments • To improve the functioning of the PEEs • Privatization

  12. Main Economic Indicators (%)

  13. Main Economic Indicators (%)

  14. Main Economic Indicators (%)

  15. Yeldan, 2001, s.52.

  16. Growth Rates: 1923-2010

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