What did President Erdogan say about the newly announced “Medium-Term Plan”?

Turkey has been trying to cope with with economic and financial difficulties for an extended period. In order to overcome these challenges, the Economic Administration has prepared a Medium-Term Plan.

President Erdoğan has made important statements regarding the newly announced “Medium-Term Plan.” Here are some points shared by President Erdoğan:

Governance in Turkey: President Erdoğan stated that with the announcement of the Medium-Term Plan, stability and governance had been ensured in the country, and the uncertainties about who would lead Turkey have been eliminated.

Openness to Suggestions: The President emphasized that they were open to all kinds of suggestions that would benefit the country and saw politics as a means of serving fellow citizens.

Earthquake Disaster: President Erdoğan acknowledged the earthquake that had occurred on February 6th, which caused a damage of 104 billion dollars to the country’s economy. He expressed their commitment to overcoming the aftermath of this disaster.

Inflation and Economic Goals: The President mentioned a temporary increase in inflation but assured that they were working to reduce inflation in the long run. He also shared their expectations for the Consumer Price Index (CPI) to be 65% by the end of 2023, 33% by the end of 2024, 15.2% by the end of 2025, and 8.5% by the end of 2026.

Increase in Revenues: He said that they planned to increase the proportion of revenues to the national income and gradually reduce the budget deficit.

Structural Reforms: President Erdoğan emphasized the importance of structural reforms and mentioned various areas where reforms would be implemented, including growth, trade, human capital, public finance, disaster management, improving the business and investment environment, price stability, and financial stability.

Social Welfare and Investment in People: The President highlighted that investing in people increased social welfare and strengthened the economy, and they planned to focus on policies for youth and women.

Financial Markets and Pension Systems: President Erdoğan stated that they would continue to develop financial markets and were considering innovations in pension systems.

Disaster Management and Urban Transformation: The President mentioned their efforts to accelerate urban transformation for disaster management and the development of new disaster insurance models.

President Erdoğan stressed that the Medium-Term Plan (OVP) was a crucial part of Turkey’s efforts to overcome economic and financial challenges, aiming to build a stronger economic foundation for the country.