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BBC NEWS September 11, one year on


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The Turkish economy was in serious trouble before 11 September, with high inflation and a big government deficit. The geopolitical importance of Turkey as a Western military base led to renewed efforts by the IMF to provide a rescue package to stabilise the country. This enjoyed some success in the first six months of the year, but political uncertainty - due to the illness of the Prime Minister - put renewed pressure on the economy over the summer, with sharp falls in the currency. The government's promises of economic reform will be tested in the November elections.

Charles Scanlon
BBC News Online reporter Mike Verdin explains how Turkey has squandered its chances of economic recovery.

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Key Facts
  • Economic growth: -9.4% (2001)
  • IMF loan: $16bn
  • Exchange rate: 1,679,000 lira to $1

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