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Inflation Upgraded, Growth Downgraded in Medium-Term Programme

TURKEY

Vice President Yilmaz presents Turkey's new Medium-Term Programme:

  • New Medium-Term Programme to include a structural reform calendar
  • Aims to ensure a fall in inflation to single digits
  • CBRT are to fulfill its responsibility with instrument independence

New forecasts:

  • Growth seen at 4.4% this year, downgraded to 4.0% from 5.5% in 2024
  • Budget balance/GDP ratio seen at 4.4% from -3.5% previously
  • Unemployment rate seen at 10.1% this year, 10.3% in 2024

New Inflation forecasts:

  • 2023 at 65% (Prev. 24.9%)
  • 2024 at 33% (Prev. 13.8%)
  • 2025 at 15.2% (Prev. 9.9%)
  • 2026 at 8.5%

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