Turkish State Railway : Options for Reform
During the 1990s, the Turkish economy was beset by frequent economic crises. Fiscal imbalances, high inflation rates, and the subsequent stop and go economic cycles hit the Turkish economy, slowing growth and plunging the country into recession. Sp...
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| Format: | Report |
| Language: | English en_US |
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World Bank, Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/890981486366173310/Turkish-State-railway http://hdl.handle.net/10986/26066 |
| Summary: | During the 1990s, the Turkish economy
was beset by frequent economic crises. Fiscal imbalances,
high inflation rates, and the subsequent stop and go
economic cycles hit the Turkish economy, slowing growth and
plunging the country into recession. Spiraling debt and
interest payments coupled with failures in financial systems
resulted in significant financial crises in late 2000 and
early 2001. The Government of Turkey initiated a number of
economic reforms to contain spending, cut its deficit,
reduce inflation, and provide a basis for renewed economic
growth. The Government has mapped out a structural reform
program encompassing measures to address the biggest sources
of fiscal deficits, strengthen the legal and regulatory
frameworks, and accelerate the privatization of the
remaining state enterprises. Reform of the Turkish State
Railways (TCDD) is one of the main targets for change. Over
the past few decades, TCDD has fallen into a financial
crisis from which it will not be able to emerge without a
dramatic restructuring of its governance and organization.
TCDD operates the state railway, the seven largest ports,
and manufactures and repairs locomotives, wagons and
passenger coaches. As an enterprise, TCDD is the largest
money loser among Turkey’s public sector enterprises. |
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