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Export-Led Growth: 1980- Onwards 1980 1983 1989 2007 Outward Orientation Financial Liberalization.

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Presentation on theme: "Export-Led Growth: 1980- Onwards 1980 1983 1989 2007 Outward Orientation Financial Liberalization."— Presentation transcript:

1 Export-Led Growth: 1980- Onwards 1980 1983 1989 2007 Outward Orientation Financial Liberalization

2 Export-Led Growth: 1980- Onwards  Economy at 1970’s: High inflation Unsustainable trade deficits High unemployment rates

3 Export-Led Growth: 1980- Onwards  External factors: Increases in oil prices (OPEC) Cyprus operation Economic crises in trade partners The collapse of the Bretton-Woods system USA  Reaganomics UK  Thatcherism

4 Export-Led Growth: 1980- Onwards  Stages of the import substitution: Consumption goods  Etatism period Durable consumption goods  Planned economy Intermediate goods Investment goods

5 Structural Adjustment Program: January 24, 1980  General Principles: Long-term economy policy  To end economic crisis  Structural change Price Mechanism  Automatic equilibrium  Private sector The role of government

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

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

8 Structural Adjustment Program: Policies  3. Foreign Investment Expectation  4. Public Sector Reform To broaden the tax base Rationalization of public investment To improve the functioning of the SEEs Privatization

9 Financial Liberalization: 1989  Liberalization of capital movements  Transactions with foreign exchange is free

10 Main Economic Indicators (%) GNP GrowthEmployment Growth Savings/GNPManufac./ GDP Agriculture/ GDP 1980-1.11.216.021.122.6 19833.30.916.223.919.6 19855.11.618.925.118.8 19891.92.123.625.316.7

11 Main Economic Indicators (%) Exports/GNPImports/GNPCurrent acc. /GNP Foreign debt/GNP 19806.413.9-5.528.0 198315.719.6-3.735.7 198520.723.5-1.947.5 198923.524.00.952.0

12 Main Economic Indicators (%) Inflation rateMonetary growth (M1) Nominal Depreciation R. 1980103.857.9142.0 198328.048.040.2 198543.939.740.9 198966.972.947.4

13 Yeldan, 2001, s.52.

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