In January 1980, the government of Prime Minister Süleyman Demirel (who had served as prime minister 1965-71, 1975-78, and 1979-80) began implementing a far-reaching reform program designed by then Undersecretary of the Prime Ministry Turgut Özal to shift Turkey's economy toward export-led growth.
The liberalization program overcame the balance of payments crisis, reestablished Turkey's ability to borrow in international capital markets, and led to renewed economic growth.