Türkiye aims 4.5% GDP growth on average in 2024-2026
The Turkish government has set its sights on achieving an average gross domestic product (GDP) growth rate of 4.5% over the next three years, according to the recently unveiled medium-term economic program. Vice President Cevdet Yilmaz stated that the Turkish economy is projected to grow by 4% in the coming year, followed by growth rates of 4.5% in 2025 and 5% in 2026.
- Economy
- Anadolu Agency
- Published Date: 03:33 | 06 September 2023
- Modified Date: 03:33 | 06 September 2023
The Turkish government aims a 4.5% gross domestic product growth rate on average in three years to 2026, according to the government's medium-term economic program revealed on Wednesday.
Unveiling the program, Vice President Cevdet Yilmaz said the Turkish economy is projected to grow 4% next year, 4.5% in 2025, and 5% in 2026.
In 2022, Türkiye's economy grew 5.5% year-on-year, according to revised data.
Türkiye's year-end inflation rate is expected to come in at 65% this year, 33% next year, 15.2% in 2025, and 8.5% in 2026, Yilmaz said.
According to the latest data by the country's statistical authority, Türkiye's annual inflation reached 58.94% in August.
The country's exports are foreseen to hit $255 billion in 2023 and hike to $302.2 billion in 2026, Yilmaz added.
Türkiye is forecast to generate tourism income of $55.6 billion this year and $71.3 billion in 2026, he also said.
Türkiye's current account deficit to GDP ratio is expected to fall to 4% in 2023 from 5.3% in 2022, and to 2.3% in 2026, the vice president said.
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