structural reforms to help accelerate sustainable economic growth ,” it added in April this year .
Following the presidential elections in Turkey , the country has shifted to a more orthodox monetary policy under new economic management . The new reforms programme is expected to lower vulnerability further , bring down inflation durably over time and create the climate for investment to take place so that there will be a rebalancing of growth .
In January last year , the International Monetary Fund ( IMF ) concluded the ‘ 2022 Article IV Consultation ’ with the Republic of Turkey . In August 2023 , IMF Directors called for targeted structural reforms to foster stronger sustainable growth and increase the Turkish economy ’ s resilience to shocks . They welcomed the focus of the consultation on female labour force participation and climate change . Improving the business and regulatory environment , labour market flexibility and the quality of human capital will be important , they said , as well as closing labour market gender gaps . A comprehensive strategy would help to meet Turkey ’ s climate goals .
Automotive production in Turkey .
Image : Shutterstock . com .
Country Partnership Framework
The Türkiye Country Partnership Framework ( CPF ) is the World Bank Group ( WBG ) strategy to deliver impactful solutions at greater scale and speed in Turkey from FY24-FY28 . Ankara , Turkey . The CPF is fully aligned with the WBG mission and the Government of Türkiye ’ s 12th National Development Plan ( NDP ) 2024-2028 . It aims to realize Turkey ’ s long-term potential , accelerate progress towards the country ’ s efforts to reach high-income status and support recovery and reconstruction from recent shocks . The CPF outlines how the WBG will further scale-up impact in one of its largest country portfolios to meet priority country and global challenges .
A key focus of the CPF is to help the country mobilise private capital to address key emerging challenges on the growth , poverty and inclusion , and sustainability fronts . During the CPF period , the WBG will focus on selected challenges under three broad areas :
Image : Thomas George , Unsplash .
1 . High and sustainable productivity growth : The focus will be on promoting climate-smart agriculture to strengthen resilience against climate change and bolster food security ; greening the industrial sector to reduce carbon emissions and maintain trade competitiveness as well as supporting economic recovery in areas affected by the 2023 earthquakes .
Above and below : Scenes from Metal Expo in Turkey .
2 . Inclusive services and jobs : To address income and other inequalities , the focus will be on improving jobs for women , youth and vulnerable groups ; reducing disparities in health and education access and quality ; and supporting resilient municipal infrastructure and services .
3 . Strengthen resilience against natural disasters : To help protect Turkey ’ s people and economy , the World Bank Group will prioritise disaster resilience and preparedness , management of natural resources and the transition to clean energy .
The CPF also emphasised the need to accelerate digitalisation , vital for boosting productivity and public service delivery . The WBG will work across many fronts to accelerate the use of digital technology including improving the digital business ecosystem , supporting seismic and climate-resilient urban planning , extending hybrid education opportunities and improving financial inclusion . n
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