My problem with Turkey's New Economic Programme is that there was so little "how". We may disagree on the projections but regardless of that a mid-term plan should surely have a roadmap and... er... plans?
I note some investors have applauded the more reasonable growth, inflation and unemployment projections. That is, indeed, something to welcome, even if I think they're still wildly optimistic. But it is clear that Turkey is going to feel pain in 2019 and beyond.
In this new tough economic context, it needs to become clear exactly how Turkey will get to 2.3% growth next year, how it will reduce inflation after 2019, what it will do with mega-projects now that funding is drying up and how collapsing corporates will be supported.
If you know Turkish, you will have heard a lot of "cağız", "ceğiz" or "planlıyoruz". So a lot of "we plan to", "we will look into", promises of future behaviour as yet unmapped. I would suggest Turkey needs more "concrete" plans but preferably without more concrete.
