"Marginal movements in interest rates aren't going to boost investments so much as addressing the broader structural regime, " said Mr. Richardson.

WSJ: IMF: India Should Resolve 'Bottlenecks' in Power, Infrastructure for Growth

"We have had a tough year, but through stringent fiscal policy, the new floating exchange rate regime, and extensive structural reforms, we have come out of intensive care unit, " Mr Dervis said.

BBC: 'Worst over' for Turkey

But reform of the tax regime is no easier than any other structural change.

ECONOMIST: Too little investment; too big a deficit; too few jobs