Feb 5, 2023
Turkey's treasury and finance minister announces new economic program
The Turkish economy has entered a rapid recovery process as of July, Treasury and Finance Minister Berat Albayrak said Tuesday, stressing that the country distinguished itself positively from other developing countries, DS reported.
He said the leading indicators point at a strong V-shape recovery from the COVID-19 pandemic in the third quarter when growth turned positive.
The minister said since the start of the pandemic, the Turkish government has provided support packages worth TL 494 billion ($62 billion) – 10% of the national income.
Albayrak was speaking during the announcement of the country's New Economic Program (NEP) for the 2021-2023 period.
"We determined the main themes of the New Economic Program as 'new Balancing,' 'new normal' and 'new economy,'" the minister said.
Regarding the year-end expectations, Albayrak said Turkey expects the year-end growth rate to stand at 0.3%; while it is expected to be around 5.8% in 2021 and 5% in 2022 and 2023.
He also noted that the unemployment rate is expected to gradually drop to 10.9% by 2023 and inflation is expected to stand at 10.5% at the end of 2020, and 8% in 2021.
He said the leading indicators point at a strong V-shape recovery from the COVID-19 pandemic in the third quarter when growth turned positive.
The minister said since the start of the pandemic, the Turkish government has provided support packages worth TL 494 billion ($62 billion) – 10% of the national income.
Albayrak was speaking during the announcement of the country's New Economic Program (NEP) for the 2021-2023 period.
"We determined the main themes of the New Economic Program as 'new Balancing,' 'new normal' and 'new economy,'" the minister said.
Regarding the year-end expectations, Albayrak said Turkey expects the year-end growth rate to stand at 0.3%; while it is expected to be around 5.8% in 2021 and 5% in 2022 and 2023.
He also noted that the unemployment rate is expected to gradually drop to 10.9% by 2023 and inflation is expected to stand at 10.5% at the end of 2020, and 8% in 2021.
