“In parallel with our decisive fight against inflation, we trust and support our medium-term economic program that prioritizes investment, production, employment and exports,” Erdogan said.
The Turkish President explained, in a post on the X platform, that the announced program will enhance the sectors of agriculture, industry, advanced technology, tourism and others in various fields.
He added: “We in the government will continue to work without stopping to achieve the goals we set within the scope of the program, to increase the welfare of our citizens and to ensure the sustainability of our economy, which is based on solid foundations.”
Vice President Cevdet Yilmaz and Treasury and Finance Minister Mehmet Simsek announced Turkey’s medium-term economic program (2025-2027) on Thursday, which includes an upward revision to the inflation rate and a downward revision to growth and export forecasts.
Yilmaz said, during a press conference held in Ankara, that the inflation target in the new program has been adjusted to 41.5% by the end of this year, instead of 33% in the previous program (2024-2026).
The expected inflation rate by the end of 2025 also increased to 17.5% instead of 15.2% in the previous program, while the inflation target by the end of 2026 changed to 9.7% instead of 8.5%.
The program set the national income at the end of the current year at $1.331 trillion, and the per capita share at $15,550, an increase from $12,875 in the previous program.
As for exchange rates, the program indicated that “the average estimate of the dollar exchange rate against the Turkish lira used in calculating the medium-term plan will be 33.2 liras per dollar for the year 2024, 42 liras per dollar for the year 2025, 44.4 liras per dollar for the year 2026, and 46.9 liras per dollar for the year 2027.”
Yilmaz pointed out that making macroeconomic and financial stability sustainable is at the forefront of the goals of the new economic program, and that “the scope of reform includes several elements, such as permanently reducing inflation to single digits, controlling public finances, and ensuring financial stability. It is important to establish a strong macroeconomic foundation so that our economy becomes more resilient to external shocks.”
Source: RT+ Agencies
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2024-09-07 03:49:17
Table of Contents
Turkey’s Medium-Term Economic Program: A Path towards Sustainability and Growth
In a recent announcement, Turkish President Recep Tayyip Erdogan unveiled the country’s medium-term economic program (2025-2027), which prioritizes investment, production, employment, and exports. This comprehensive plan aims to enhance various sectors, including agriculture, industry, advanced technology, tourism, and others, to ensure the sustainability of Turkey’s economy.
Economic Program 2025-2027: Key Targets and Revisions
The new program, announced by Vice President Cevdet Yilmaz and Treasury and Finance Minister Mehmet Simsek, includes upward revisions to the inflation rate and downward revisions to growth and export forecasts. The inflation target has been adjusted to 41.5% by the end of 2024, 17.5% by the end of 2025, and 9.7% by the end of 2026. National income is expected to reach $1.331 trillion by the end of 2024, with a per capita share of $15,550, an increase from $12,875 in the previous program [[3]].
Turkish Economy: A Growing Powerhouse in the Region
Turkey’s economy has been growing steadily, with a nominal GDP of over $1 trillion in 2023, ranking 18th-largest in the world and 8th-largest in Europe [[2]]. As a founding member of the OECD and G20, Turkey has been actively working to attract foreign direct investment and boost its economic growth [[3]].
Previous Economic Programs: Lessons Learned and Future Directions
In 2019, Turkey crafted a three-year program, which aimed to achieve economic growth rates of 9% in 2021, 5% in 2022, and 5.5% in 2023 and 2024 [[1]]. While these targets faced challenges, the government has continued to work towards achieving its medium-term goals. The new program takes into account lessons learned from previous experiences and sets more realistic targets for the next three years.
Key Takeaways and Future Prospects
The Turkish government’s medium-term economic program is a crucial step towards ensuring the sustainability and growth of the country’s economy. By prioritizing investment, production, employment, and exports, the program aims to enhance various sectors and increase the welfare of Turkish citizens. With a focus on solid foundations, Turkey is poised to maintain its position as a growing economic powerhouse in the region.
References:
<a href="https://www.sgi-network.org/2022/Turkey/EconomicPolicies”>[1]
<a href="https://en.wikipedia.org/wiki/Economyof_Turkey”>[2]
Turkey’s Medium-Term Economic Program: A Path towards Sustainability and Growth
In a recent announcement, Turkish President Recep Tayyip Erdogan unveiled the country’s medium-term economic program (2025-2027), which prioritizes investment, production, employment, and exports. This comprehensive plan aims to enhance various sectors, including agriculture, industry, advanced technology, tourism, and others, to ensure the sustainability of Turkey’s economy.
Economic Program 2025-2027: Key Targets and Revisions
The new program, announced by Vice President Cevdet Yilmaz and Treasury and Finance Minister Mehmet Simsek, includes upward revisions to the inflation rate and downward revisions to growth and export forecasts. The inflation target has been adjusted to 41.5% by the end of 2024, 17.5% by the end of 2025, and 9.7% by the end of 2026. National income is expected to reach $1.331 trillion by the end of 2024, with a per capita share of $15,550, an increase from $12,875 in the previous program [[3]].
Turkish Economy: A Growing Powerhouse in the Region
Turkey’s economy has been growing steadily, with a nominal GDP of over $1 trillion in 2023, ranking 18th-largest in the world and 8th-largest in Europe [[2]]. As a founding member of the OECD and G20, Turkey has been actively working to attract foreign direct investment and boost its economic growth [[3]].
Previous Economic Programs: Lessons Learned and Future Directions
In 2019, Turkey crafted a three-year program, which aimed to achieve economic growth rates of 9% in 2021, 5% in 2022, and 5.5% in 2023 and 2024 [[1]]. While these targets faced challenges, the government has continued to work towards achieving its medium-term goals. The new program takes into account lessons learned from previous experiences and sets more realistic targets for the next three years.
Key Takeaways and Future Prospects
The Turkish government’s medium-term economic program is a crucial step towards ensuring the sustainability and growth of the country’s economy. By prioritizing investment, production, employment, and exports, Turkey is poised to achieve its medium-term goals and become a more resilient economy in the face of external shocks. The program’s focus on enhancing various sectors, including agriculture, industry, advanced technology, and tourism, will also contribute to the country’s economic diversification and growth.
Frequently Asked Questions
* What are the key targets of