Medium-Term Program announced: Three-year economic targets become clear

The new Medium-Term Program covering the 2027-2029 period of the Turkish economy has been announced to the public with the participation of Vice President Cevdet Yılmaz. Growth and inflation forecasts have been updated in the program, which was prepared within the framework of global uncertainties and energy shocks.

Roadmap for the New Period

Shared with the public by Vice President Cevdet Yılmaz, the Medium-Term Program sets the main strategic targets of the Turkish economy for the upcoming three-year period. Prepared in partnership with the Presidency's Strategy and Budget Directorate and the Ministry of Treasury and Finance, the program was shaped by taking global developments into account.

Growth and Inflation Forecasts

According to the official data announced, Turkey's growth forecast for 2026 has been revised to 3.3 percent. The year-end inflation forecast for the same period was announced as 28.4 percent, and it was emphasized that inflation has entered a downward trend following the high rates in May 2024.

Foreign Trade and Energy Expectations

Under the influence of global increases in energy prices, the country's energy import forecast for 2026 rose to 71 billion dollars, and the foreign trade deficit increased to 105 billion dollars. In line with the reflections of regional wars on the tourism sector, the tourism revenue expectation was also updated to 65 billion dollars.

Current Account Ratio and Financial Indicators

While the expectation for the ratio of the current account deficit to national income was set at 2.6 percent, developments in financial markets were also included in the report. It was stated that the exit process from the Protected Foreign Exchange Depository (KKM) scheme was completed smoothly, and gross reserves rose to 188.2 billion dollars.

Targets for Future Years

Throughout the MTP period, economic growth is targeted to increase gradually and reach 5 percent by 2029. Additionally, it is planned that the unemployment rate will drop to 7.6 percent and inflation will fall to single digits at 9 percent by 2029.