Published On: Sat, Aug 3rd, 2019

Turkey revises its plans for 2023 with new official development targets

After experiencing real tough times in terms of politics and economy for a long while Turkey has revised its plans for 2023 with updated official development targets.

Within this scope Turkey’s official target for 2023 including the 11th Development Plan was passed by parliament. According to the plan,

Inflation is forecasted at 5 percent for 2023.
-National income is expected to exceed 12 thousand dollars.

Unluckily many targets in the previous development plans did not realize due to the economic and political issues incurred, owing to the treacherous coup attempt and issues caused by conflicts experienced with foreign powers such as USA and even Russia, at the time. Having said that it would be unfair not to mention poor performance in some areas by the administration during concerned period.

In the light of above facts, the administration has made the following statement in the 11th development plan made for the next five years.

“Ensuring sustainable development and increasing economic and social welfare is possible through powerful adoption and effective implementation of rule of law, democratization and good governance principles, by the state.”

In said development plan to describe the road map of Turkey’s economy for the next five years some important findings and estimates are as follows:

-According to the forecasts in the Development Plan, inflation is expected to fall to 5 percent by the end of 2023, which currently stands at 15.72 percent annually (June 2019).
The size of the economy which was USD 784 billion as of 2018 is expected to increase to US$ 1 trillion 80 billion in 2023.
-Turkey’s per capita income is currently recorded at US$ 9 thousand 632 and it is expected to climb up to US$ 12 thousand 484 by 2023 (In the previous plan, the national income target was inserted as US$ 15 thousand 996 for 2018).
28.7 million people are registered as working in Turkey as of the end of 2018. This figure is expected to rise to 33 million by 2023. In 2018, unemployment was 11 percent. According to the 11th Development Plan, unemployment is expected to be 9.9 percent in 2023.
-To be most important of all Turkey is expected to accomplish a growth rate of 4.3 percent annually in the period covering 2019 and 2023.

Figures alone show Turkey has a tough challenge ahead to cope with issues to cure its economy and improve its indicative data in this area so that it can take its place among largest economies in the world, an accomplishment, Turkey has been long targeting.

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