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Turkey releases medium-term program for 2021-2023
Program targets GDP of $ 771B for 2021 , $ 795.5B for 2022 , and $ 885B for 2023
Turkey has recently released its medium-term economic program , a new plan focused on sustainable and employment-based growth . The program ’ s main goal is developing the country ’ s new economic targets , unveiled last week , and re-establishing domestic and international balance . The new economic program targets GDP growth rate of 0.3 % in 2020 , 5.8 % in 2021 , and 5 % in 2022 and 2023 . The new economic program also expects unemployment of 13.8 % this year and 12.9 % next year , and inflation of 10.5 % this year , 8 % in 2021 , and 4.9 % in 2023 . The program aims at economic transformation based on production , exports , and financial stability by using the economic opportunities created by the global economy ’ s new normal . In the three-year period , fiscal discipline is the country ’ s essential fiscal policy . The country targets using sources productively . Turkey will implement temporal measures to reduce CO- VID-19 ’ s effects on the economy to provide gradual recovery of the budget balance . At the end of the program , the budget deficit is targeted to reach 3.5 % of the country ’ s GDP . The program ’ s GDP targets are 5.64 trillion Turkish liras ($ 771 billion ) for 2021 , 6.31 trillion Turkish liras ($ 795.5 billion ) for 2022 and 7.02 trillion Turkish liras ($ 885 billion ) for 2023 .
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November 2020