Wednesday, Nov 13

Turkish Treasury Minister unveils new economic plan

Berat Albayrak said the growth will generate around one million new jobs per year during the 2020-2022 period.
30.09.2019 - 12:57

Turkey’s treasury and finance minister on Monday announced the new economic program of the country for the three-year period starting from 2020.

The inflation rate should be lowered below 5% for a strong Turkey ideal, Berat Albayrak said during his presentation of the new program in the capital Ankara.

"WE REVISED OUR FORECAST"

"We revised our inflation forecast for 2019 with 12%, down from 15% in our previous target," Albayrak said. "The country's inflation targets are set as 8.5% next year, 6 percent in 2021 and 4.9 percent in 2022," he added.

"The new program will be maintained under the theme of transformation begins," he said. Albayrak said Turkey’s year-end economic growth is expected to be 0.5 percent in 2019. "The new program targets 5% annual growth rate for next three years each," he said.

"After closing 2019 with unemployment rate of 12.9 percent, we aim to reduce the figure to 11.8 percent next year, 10.6 percent in 2021 and 9.8 percent in 2022," he said.

On the fiscal discipline side, the minister noted that a 2.9 percent budget deficit-to-GDP rate is targeted for next two years while 2.6 percent is set for 2022.

Turkey's new economic program for 2020-2022 revealed
- Main theme of new program is 'Transformation begins,' says Finance Minister Albayrak

By Tuba Sahin and Aysu Bicer

ANKARA (AA) – Turkey’s treasury and finance minister on Monday announced the new economic program of the country for the three-year period starting from 2020.

The inflation rate should be lowered below 5% for a strong Turkey ideal, Berat Albayrak said during his presentation of the new program in the capital Ankara.

"We revised our inflation forecast for 2019 with 12%, down from 15% in our previous target," Albayrak said.

The country's inflation targets are set as 8.5% next year, 6% in 2021 and 4.9% in 2022, he added.

The new program will be maintained under the theme of “Transformation begins,” he said.

Albayrak said Turkey’s year-end economic growth is expected to be 0.5% in 2019.

"The new program targets 5% annual growth rate for next three years each," he said.

Albayrak said the growth will also generate around one million new jobs per year during the 2020-2022 period to reduce unemployment rate gradually.

"After closing 2019 with unemployment rate of 12.9%, we aim to reduce the figure to 11.8% next year, 10.6% in 2021 and 9.8% in 2022," he said.

On the fiscal discipline side, the minister noted that a 2.9% budget deficit-to-GDP rate is targeted for next two years while 2.6% is set for 2022.