However, macroeconomic indicators since 2006 have shown quite convincingly that a new path with a fresh policy outlook and massive reform efforts is required for the continuation of this expansion. Turkey's relationship and revised program with the International Monetary Fund (IMF) in 2008 and thereafter will be symbolic of this change in the Turkish course. The IMF program followed since the 2001 crisis was a major stabilization program designed to achieve sustainable growth in a sound macroeconomic environment. This period is about to be completed with significant success. In the coming era, however, Turkey's relationship with the IMF will not be mandatory and the IMF's role will transition into that of a light monitoring program so as to keep the IMF as a yardstick and an anchor in case of any major global or domestic turbulence. Moreover, the IMF will continue to be an anchor for the continuation of major structural reforms.
As we look at the recent past, we can conclude that the latest IMF program has been quite successful in reaching its major targets. Two main figures are supplied below to demonstrate Turkey's transformation. The first figure shows that there has been a tremendous rise in the industrial production index and a significant decline in interest rates and the inflation rate. The second figure reveals that such success was based upon real achievements in productivity. New challenges as well as opportunities are waiting for us in the new year.
