Inflation is projected to decrease to 13.8 per cent in 2024 and 9.9 per cent in 2025. Exports are also expected to grow, hitting $255 billion by the end of 2022, $265 billion in 2023, $285 billion in 2024 and $305 billion in 2025.

Turkiye’s official gazette recently published the presidential decree approving the country’s new Medium Term Programme, with updated economic goals for the 2023-2025 period. The programme projects inflation to fall to 65 per cent this year and 24.9 per cent in 2023. It expects the economy to grow by 5 per cent in 2023 and by 5.5 per cent in 2024 and 2025.

Jointly prepared by the ministry of treasury and finance and the directorate of strategy and budget, the MTP puts unemployment at 10.4 per cent next year, 9.9 per cent in 2024 and 9.6 per cent in 2025.

The Turkish Economy Model was put at the centre in the preparation of the programme and the policies to be implemented were created to ensure high value-added production, permanent improvement in the current account balance, productivity and increase in exports, treasury and finance minister Nureddin Nebati was quoted as saying by a leading English-language daily in the country.

The new economic programme has prioritised production, growth and exports with a low-interest rates policy, aiming to achieve a current account surplus that is said to eventually steady the Turkish lira and cool inflation.

Official data showed the annual gross domestic product grew to $828 billion in the second quarter this year from $793 billion through the previous three-month period.

Fibre2Fashion News Desk (DS)