Turkiye to Strengthen Medium-Term Economic Program
In a recent announcement, President Tayyip Erdogan revealed Turkiye’s plans to bolster its medium-term economic program with three key priorities. These priorities include increasing public savings, prioritizing investments, and accelerating structural reforms.
During a press conference following a cabinet meeting, Erdogan expressed confidence in his economic team’s preparations to reinforce the program. He stated, “Hopefully we will share them with the public very soon.”
Focus on Key Priorities
Erdogan outlined the three main priorities for enhancing the medium-term economic program, emphasizing the importance of boosting public sector savings, focusing on investments, and expediting structural reforms.
Vice President Cevdet Yilmaz informed reporters that the finance ministry and budget authority are actively conducting studies on public sector savings, with a particular focus on efficiency and competitiveness. He highlighted the need to optimize existing expenditures and align them with economic growth and social welfare goals.
Economic Projections
Erdogan projected a 4 percent economic growth rate for the year, attributing it to a positive impact from exports. He also forecasted that the current account deficit would amount to 2.5 percent of the gross domestic product by the year-end.
Recent official data revealed that Turkiye’s current account deficit in February was lower than expected, standing at $3.265 billion. Central Bank Governor Fatih Karahan also expressed optimism about reaching the inflation target of 36 percent by the end of the year.