Merhaba!
I am Halil Tamer Demir from Tokyo Consulting Firm Turkey Office.
I hope you all are safe and stay healthy.
I will share the information about mid-term economic program in Turkey from 2022-2024.
Turkey has announced medium-term economic program covering the years 2022-2024. With the approval of the President, the program was published in the Official Gazette dated 05.09.2021 and entered into force.
It was stated in the program that the strong outlook in economic activities will continue. In his statement regarding the medium-term economic program, Minister Elvan said, “We will further strengthen macroeconomic stability for a durable growth led by the private sector.”
According to the program, it is predicted that Turkish economy will grow by 9 percent in 2021, 5 percent in 2022, and 5.5 percent in 2023 and 2024.
Table 1: Prediction of economic growth
| 2021 | 9% |
| 2022 | 5% |
| 2023 | 5,5% |
| 2024 | 5,5% |
In addition, some economic targets were determined in the program, such as the decrease in inflation, improvement in budget deficit, the decrease of unemployment rate and balance of exports-imports.
In inflation, 16.2 percent for this year, 9.8 percent for the next year, 8 percent for 2023 and 7.6 percent for 2024 were set.
Table 2: Inflation rate forecast
| 2021 | 16,2% |
| 2022 | 9,8% |
| 2023 | 8% |
| 2024 | 7,6% |
It is predicted that the ratio of budget deficit to gross domestic product will be 3.5 percent in 2022 and 2.9 percent in 2024.
As for export and import; Export figures are targeted to be 211 billion dollars at the end of 2021, 230.9 billion dollars in 2022, 242 billion dollars in 2023, and 255 billion dollars at the end of the program. On the other hand, Imports are predicted to be 258 billion dollars at the end of 2021, 282.7 billion dollars in 2022, 294 billion dollars in 2023, and 309 billion dollars in 2024.
Table 3: Prediction of Exports
| 2021 | 211 billion dollars |
| 2022 | 230,9 billion dollars |
| 2023 | 242 billion dollars |
| 2024 | 255 billion dollars |
Table 4: Prediction of Imports
| 2021 | 258 billion dollars |
| 2022 | 282,7 billion dollars |
| 2023 | 294 billion dollars |
| 2024 | 309 billion dollars |
On the other hand, unemployment figures were estimated at 12.6 percent at the end of this year, 12 percent for 2022, 11.4 percent for 2023, and 10.9 percent for 2024. In addition, a goal has set about creating employment for “3,511,000” people throughout the program.
Table 5: Unemployment rate forecast
| 2021 | 12,6% |
| 2022 | 12% |
| 2023 | 11,4% |
| 2024 | 10,9% |
Therefore, the issue about progression of green-economy was also included in the medium-term program. In the program, it was emphasized that the impact of climate change has become more severe all over the world and the importance of green-economy was also emphasized regarding of the concept of sustainable growth. However, it was pointed out that the weight of climate change has increased in economic policies at the global level, especially in Europe. It is also mentioned about the close relationship between this situation and Turkey’s strong wish about integration with global values and attracting more international investments.
Finally, it was stated in the program that R&D studies will be supported in order to speed up the process of green and more environmental economy.
Resources:
Official Gazette of the Republic of Turkey (T.C. Resmi Gazete), 5th of September 2021, no:4474
https://www.ntv.com.tr/turkiye/son-dakika-haberi-ekonomide-yeni-yol-haritasi-orta-vadeli-program-aciklandi,E6LVJxOPj0myP0w0-NO7Tw, Access Date: 06.092021
https://www.hurriyet.com.tr/ekonomi/resmi-gazetede-yayimlandi-orta-vadeli-program-onaylandi-41888421, Access Date: 06.09.2021
We are offering free meeting regarding establishment and business development in Turkey. Furthermore, it is possible for us to provide employee training and personnel evaluation system as solutions to develop the in-company productivity and activate the employee’s performances.
If you have any question other than the above topic, please do not hesitate to contact us.
Thank you very much for your time to read until the end.
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トルコ支社 Halil Tamer Demir
E-MAIL: tamer.demir@tokyoconsultinggroup.com
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