Vice President Yılmaz: We expect Turkey’s economy to reach nearly 1.1 Trillion

Vice President Yılmaz made a  statement saying “We expect our economy to reach nearly 1.1 trillion in 2023. According to the Medium-Term Program (OVP), we anticipate closing this year with a growth of around 4.4%. Significant inflation reduction is expected from mid-2024 onwards.”

“Turkey has demonstrated growth above the global economy”

Vice President Yılmaz mentioned that the Central Bank had implemented an updated monetary policy, stating, “Despite disciplined fiscal policies continuing to prevent extra spending caused by the earthquake, we are maintaining discipline. Over the last 20 years, the Turkish economy has recorded an average annual growth of 5.4%. During the same period, the world’s average annual growth rate was 3.6%. Therefore, the Turkish economy has achieved an average annual growth performance 1.8 points above the world economy over a 20-year period,” he said.

“We expect to reach nearly 1.1 trillion in 2023”

Yılmaz noted that Turkey was currently the 17th largest economy in the world in nominal dollar terms. “We expect our economy to reach nearly 1.1 trillion in 2023. We have already achieved this when looking back over the past 12 months. In the first 9 months of this year, we achieved a growth of 4.6%. Despite the expected global growth being below 3%, and even below 3%, we are achieving a growth of 4.6% in this period. Despite the earthquake and despite inflation measures, we are continuing our growth at a certain pace. According to the Medium-Term Program, we anticipate closing this year with a growth of around 4.4%.”