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Carlos E. Piñerúa Country Sector Coordinator, Turkey The World Bank March 12, 2012, Madrid

“ Turkey: The Role of Small and Medium Enterprises as the Engine of Economic and Employment Growth”. Carlos E. Piñerúa Country Sector Coordinator, Turkey The World Bank March 12, 2012, Madrid. Outline of The Presentation. A Success Story…Is It? Challenges Remain…Where? Lessons…for Whom?.

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Carlos E. Piñerúa Country Sector Coordinator, Turkey The World Bank March 12, 2012, Madrid

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  1. “Turkey: The Role of Small and Medium Enterprises as the Engine of Economic and Employment Growth” Carlos E. Piñerúa Country Sector Coordinator, Turkey The World Bank March 12, 2012, Madrid

  2. Outline of The Presentation • A Success Story…Is It? • Challenges Remain…Where? • Lessons…for Whom?

  3. A Success Story….. “…a good economic performance and lack of economic problems which are enjoyed by Turkey at a time when many European countries suffer many economic problems and crises display Turkey as a shining star here. I’m greatly proud of this situation.”

  4. From High Inflation to Stability

  5. From Stability to Growth

  6. Fiscal Consolidation (I)

  7. Fiscal Consolidation (II)

  8. Open the Economy

  9. Willingness to Privatize

  10. You Get What You Need

  11. Banking Sector Also Key

  12. Key Messages: • Expansionary Austerity Works. • Structural Change Needed for Efficiency and Financing. • Banking Sector Restructuring a Must! • Sometimes It Pays To Be Lucky Too…

  13. Is Stability Sufficient?

  14. How Competitive is Turkey?

  15. What are the Challenges?

  16. Hiring People a Critical One… Redundancy Costs in Selected Countries(weeks of salary, 2009)

  17. What is an Investment Climate Assessment?

  18. What Ails Companies (I)

  19. What Ails Companies (II) Source: Investment Climate Assessment, World Bank

  20. SMEs at the Heart of the Economy….. Micro:1-9 Small: 10-49 Medium: 50-249 Large: >249 Source: Turkish Statistical Institute

  21. Turkish SMEs are Growing Slower… Growth Rate of Turkish SMEs Relative to Other Countries % (2004-2007) Source: Turkish Investment Climate Assessment, World Bank

  22. Time “Tax” a Critical Issue Proportion of Management Time Spent on Government Bureaucracy

  23. What is Turkey Doing? • A new Commercial Code. • Transparency • Accountability

  24. The Importance of Financial Reporting ECONOMIC GROWTH Development of Capital Markets Improved Access to Credit Job Creation Accounting and Auditing Private Sector Growth Financial Sector Development Financial Information Financial Stability

  25. What Should Turkey Be Doing? • Regulatory Reform. • Labor Reform. • Education. • Skills.

  26. Are There Lessons? • Expansionary Austerity? • Is Stability Enough? • Is It money or Ideas?

  27. Government’s Role?

  28. 28 Thank You Teşekkür Ederim 28

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