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Prepared by Jiaqian Chen and Enrique Flores.
The fixing board consists of representatives from employees, employers and the government, and the size of the increase is aligned with the AK Party campaign promises for Turkey’s general election of November 2015.
To derive the total non-financial corporate profits as share of GDP, we assume the ratio between net profit and total asset to be 2.8 percent, which is consistent with what the CBRT’s firm level data suggests.