Over the past decade, public expenditure in Slovakia was characterised by substantial social transfers and high public sector wage expenses. This paper analyses the main features of Slovakia’s public expenditure system, reviews expenditure trends, and discusses recent reform initiatives. The...

Turkey recovered swiftly from the global financial crisis but sizeable macroeconomic imbalances arose in the process. High consumer price inflation and a wide current account deficit are sources of vulnerability. Even though below-potential growth helps rebalancing and disinflation, these...

Effective macroeconomic and structural policies helped Turkey bounce back quickly and strongly from the global crisis, with annual growth averaging close to 9% over 2010-11. However, the current account deficit widened to around 10% of GDP in 2011 and consumer price inflation rose to over 10%....

Turkey has considerably improved its terms of access to the global capital market. Progress in macroeconomic fundamentals has enhanced credibility and reduced risk premia and capital costs. This has had broad effects on capital supply conditions in the entire economy. Real interest rates have...

Over the past decade, public expenditure in Slovakia was characterised by substantial social transfers and high public sector wage expenses. This paper analyses the main features of Slovakia’s public expenditure system, reviews expenditure trends, and discusses recent reform initiatives. The...