Thursday, Oct 29

Turkey releases economic program for 2021-2023

The new economic program targets GDP growth rate of 0.3% in 2020, 5.8% in 2021, and 5% in 2022 and 2023.
08.10.2020 - 17:55

Turkey on Thursday released its medium-term economic program, a new plan focused on sustainable and employment-based growth.

The program's main goal is developing the country's new economic targets, unveiled last week, and re-establishing domestic and international balance.

THE COUNTRY TARGETS USING SOURCES PRODUCTIVELY

The new economic program also expects unemployment of 13.8% this year and 12.9% next year, and inflation of 10.5% this year, 8% in 2021, and 4.9% in 2023.

The program aims at economic transformation based on production, exports, and financial stability by using the economic opportunities created by the global economy’s new normal. In the three-year period, fiscal discipline is the country’s essential fiscal policy.

Turkey will implement temporal measures to reduce coronavirus’s effects on the economy to provide gradual recovery of the budget balance.

At the end of the program, the budget deficit is targeted to reach 3.5% of the country's GDP.

The program's GDP targets are 5.64 trillion Turkish liras ($771 billion) for 2021, 6.31 trillion Turkish liras ($795.5 billion) for 2022 and 7.02 trillion Turkish liras ($885 billion) for 2023.