“Program projects 0.3% economic growth this year, 5.8% for 2021”

 

Treasury and Finance Minister Berat Albayrak spoke at the launching ceremony of the program in Istanbul.

Turkey on Tuesday announced its new economic program for 2021-2023 based on themes of "new stabilization, new normal, and the new economy."

Treasury and Finance Minister Berat Albayrak said the Turkish economy is projected to grow 0.3% this year.

The economic growth is expected to hover around 5% in 2022 and 2023, and to reach 5.8% in 2021 after deferred consumption and investments put into use and tourism revenues normalize.

"To reach our growth targets, we will focus on exports, value-added production, and employment as we’ve always done," Albayrak said.

The unemployment rate is projected to reach 13.8% this year and 12.9% next year, according to the program.

Albayrak said the unemployment rate will gradually drop to 10.9% by 2023.

The government will implement policies for economic recovery during the post-pandemic period to support the labor market, he said.

Pointing to the importance of reducing inflation permanently to single digits for setting price stability, Albayrak said the program targeted a 10.5% inflation rate for this year.

"Inflation rate is forecast to stand at 8% by the end of 2021, and drop to 4.9% by the end of the program," the finance minister stressed.