The Composition of Growth Matters: South Korea vs. Turkey
Selen Başer Andıç
CBT Research Notes in Economics from Research and Monetary Policy Department, Central Bank of the Republic of Turkey
[EN] Having a real GDP that compares to the half of Turkish GDP in 1970, South Korea caught up with Turkey in the late 1980s and then outpaced it. In this study, we aim to understand why the convergence experiences of the two countries differ by comparing them in terms of their GDP compositions. 2014 per capita nominal income of Turkey has been achieved around 2000 in Korea. Hence, the countries reached to similar levels of income after 35 to 40 years upon their adoption of export-led growth. However, “how” they have arrived at this level diverges. The findings indicate that Turkey has reached it by relatively high consumption, and low investment with subdued non-residential construction. [TR] 1970’de Turkiye ekonomisinin yaklasik yarisi buyuklugunde bir ekonomiye sahip olan Guney Kore, 1980’lerin sonunda Turkiye’yi yakalamis ve geride birakmistir. Bu calismada, ulkelerin GSYIH kompozisyonlari incelenerek neden iki ulkenin yakinsama sureclerinin farklilastigi tartisilmaktadir. Kore, Turkiye’nin 2014’deki nominal kisi basi gelir seviyesine 2000 senesinde ulasmistir. Yani, her iki ulke de ihracata dayali buyume modelini benimsemelerinden yaklasik 35-40 sene sonra benzer bir gelir seviyesine sahip olmustur. Ancak, ulkeler bu seviyeye “nasil” geldikleri acisindan ayrismaktadir. Bulgular, Turkiye’nin soz konusu seviyeye gorece yuksek tuketim, dusuk yatirim ve dusuk konut disi insaat kompozisyonu ile ulastigina isaret etmektedir.
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