Türkiye Aims to Lower Inflation, Boost Economic Stability
Date
10/5/2024 8:20:45 AM
(MENAFN) Türkiye is setting ambitious targets to reduce its annual inflation rate to below 20% by next year and to achieve single-digit inflation levels by 2026, as stated by Vice President Cevdet Yilmaz during a meeting with business leaders in Istanbul on Friday. He emphasized that while uncertainty remains a significant challenge for the economy, the country is actively working to minimize these uncertainties.
According to the Turkish Statistical Institute (TurkStat), Türkiye's annual inflation rate stood at 49.38% in September, marking its lowest level since July 2023. Yilmaz underscored the government's commitment to fostering predictability, sustainability, and confidence in the economic landscape, highlighting the importance of stability for future growth.
Growth is a critical focus for Türkiye, which Yilmaz described as a developing nation that must continue to expand economically. Over the past two decades, the country has maintained an average growth rate of 5.4%, significantly higher than the global average of 3.6%. This emphasis on growth is seen as essential for enhancing the overall economic landscape and ensuring long-term prosperity.
Yilmaz also addressed the current account deficit, which was approximately $60 billion in the middle of last year but has since decreased to below $20 billion. He noted a significant decline in the country’s risk premium, adding that the Central Bank's gross reserves reached a historic high of $157.4 billion as of September 27. This achievement reflects the government's efforts to bolster the economy and improve its financial standing on the global stage.
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