How well did AK Party achieve the 2023 economic goals it announced in 2011 for the 100th anniversary of the Republic?

Based on solid date, the AK Party has fallen significantly short of the 2023 economic targets it announced for the 100th anniversary of the Republic’s establishment, in 2011. So far, the 2023 data is not yet finalized, but based on the most recent data available as of the end of October, it’s possible to examine the status of the AK Party’s 2023 economic goals.

One of the most important goals was the growth of Turkey’s Gross Domestic Product (GDP). The government had set a GDP target of 2 trillion dollars for 2023. According to the International Monetary Fund’s (IMF) October 2023 projections, Turkey’s GDP at the end of 2023 is expected to be 1 trillion 155 billion dollars. Turkey’s economy has been growing during this period, but other countries’ economies have also been rapidly expanding. If this target had been achieved, Turkey would have been just below Canada and above Russia, making it the world’s 11th-largest economy.

In September 2023, the government announced its Twelfth Development Plan (2024-2028) and reduced the GDP target for 2028 to 1.6 trillion dollars.

The per capita income target was $25,000, but according to the IMF’s October 2023 projections, it is expected to be $13,384. Therefore, half of the target will be surpassed by a small margin.

According to the Medium-Term Program, the 2028 target is $17,554

The goal of being one of the world’s top 10 economies in terms of GDP size was not achieved. According to the IMF’s 2023 projections, Turkey is quite far from this target. By the end of 2023, Turkey’s GDP is expected to be $1 trillion 155 billion, and its rank will be 17th.

To be in the top 10, Turkey’s national income needs to double. The 10th-ranked Canada has an annual national income of $2.12 trillion. To achieve the top 10 target, Turkey needs to double its national income, while other countries are also consistently increasing their national incomes.

EXPORT TARGET FOR 2023 WAS $500 BILLION

The export target was $500 billion, but in the period between October 2022 and September 2023, the total exports amounted to $253.6 billion. A significant difference in annual exports is not expected by the end of the year. The 2028 export target in the Medium-Term Program was also updated to $375 billion.

While Turkey’s exports have been on an upward trend, imports have also been increasing, leading to a trade deficit. The government aimed to eliminate the current account deficit and achieve a current account surplus. However, according to the Presidency Strategy and Budget Directorate (SBB) data, the annualized current account deficit reached $57 billion as of August 2023.

2023 TARGETS INCLUDED PLAN TO REDUCE INFLATION TO SINGLE DIGITS

The 2023 targets included a plan to reduce inflation to single digits. However, in September, annual inflation reached 61.5%. The 2028 target has been updated to 4.7%. In the 2011 election manifesto, the AK Party government set a target of 5% unemployment. However, according to data from the Turkish Statistical Institute, unemployment stands at 9.2%. The newly announced 2028 target is 7.5%. (https://tr.euronews.com/)