Documents / FOIA release
This is the Central Intelligence Agency's Current Intelligence Weekly Summary of 23 March 1962, a secret digest from the Office of Current Intelligence covering world events. It reviews Soviet foreign policy on Berlin, the Berlin air corridors, disarmament and a nuclear test ban. It also covers Algeria, Argentina's elections, the Congo, Laos, South Vietnam, Guatemala, food rationing in Cuba and Middle East tensions. Special articles assess Brazil under Goulart and Turkey's economic prospects. It contains no UFO material.
“Mineral Wells”1 page
Approved for Release: 2026/03/06 C03176167 rs ,3 CURRENT INTELLIGENCE WEEKLY’ SUHARY TURKEY'S ECONOMIC PROSPECTS The Turkish Government, with its prospects somewhat improved by the weakening of organized opposition at both ends of the political spectrum, is beginning its first fiscal year in office (1 March 1962 to 28 February 1963) with a one-year program designed to prepare the national economy for a period of growth during the 1963-1968 Five-Year Plan. As in the past, Turkey will need to rely on outside assist- ance to cover current deficits as well as to finance long-term development projects. Although its strategic value as an ally will be stressed in appeals for aid to the US, West Germany, and NATO, Turkey must also con- vince potential sources of foreign credit that its long- term economic prospects make the country a sound investment. The obstacles are formid- able. The country's failure to put to good use the massive as- sistance received during the past decade, the legacy of waste and mismanagement inherited from the Menderes government, and the generally poor showing of the state enterprises which dominate the most active sectors of the economy tend to discour- age investment in Turkey. In- flation, which threatened na- tional bankruptcy in the summer of 1958, is not now a serious threat, however, having been checked by the fiscal austerity of the Committee of National Unity (CNU) government which held office between the over- throw of the Menderes regime and the October 1961 elections. The most pressing problems with which Turkish economic planners must cope during fiscal 1962 are unemployment, which is growing as surplus rural workers move to the cities, and general economic stagnation. Short-term Outlook The 1962 budget, approved on 28 February, is of record size (approximately $1 billion) and calls for a deficit of nearly $130 million. Aid from the US and West Germany is ex- pected to offset about $75 mil- lion of this deficit. If addi- tional foreign credits are not obtained from NATO or from in- ternational lending agencies, the remainder will be met by currency issue. The "fixed" items of de- fense and administrative costs have been held at levels only slightly higher than in 1961. Roughly proportionate across- the-board increases are planned in government investment in hous- ing, agriculture, electric power, transport and communications, education and public health, and industry, but these also appear set at reasonable levels. Revenue estimates seem somewhat optimistic, perhaps in the expectation of a con- tinuation of recent better than average exports of certain com- modities. The hope that Turkey will be admitted to the European Common Market may also have in- fluenced some of the foreign trade projections. Several new sources of revenue not reflected in the estimates may develop, however, in the form of increased transfer payments from Turks work- ing abroad and direct tax rev- enues from agricultural produc- tion. These may help to offset the expected decline in private capital inflow. Longer Term Prospects Turkey's economic progress toward self-sufficiency under the coming Five-Year Plan will depend on its success in raising yaw? 23 Mar 62 Approved°FF>F§§|§§seznfimnfié/be/3§ 003175167 Page 6 °f 8
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FOIA release, from the cia-readingroom collection. The PDF is mirrored here; the original link is above. 42 pages are in the text index: search them above, or from the library's search.