Türkiye's GDP Projected to Grow Through 2028

(MENAFN) Türkiye medium-term economic plan, the MTP for 2026-2028, aims for consistent GDP growth and a gradual reduction in inflation, as outlined in a new release on Monday.

The nation's GDP is projected to rise by 3.3% in 2025, followed by 3.8% in 2026, 4.3% in 2027, and 5% by 2028, according to the program. The MTP also predicts inflation will peak at 28.5% by the end of this year but will decrease to 16% in 2026, 9% in 2027, and 8% in 2028.

Türkiye’s fiscal health is expected to improve, with the budget deficit estimated at 3.5% of GDP in 2026, narrowing to 2.8% by the conclusion of the program in 2028. Unemployment, which stands at 8.5% at the end of 2025, is forecast to dip slightly to 8.4% next year, reaching 8.2% by 2027, and 7.8% by 2028.

On the trade front, exports are expected to hit $273.8 billion by the end of 2025, with subsequent growth forecasts: $282 billion in 2026, $294 billion in 2027, and $308.5 billion by 2028. However, imports are expected to climb from $367 billion in 2025 to $410.5 billion in 2028.

The MTP intends to bolster predictability for both public and private sectors by aligning macroeconomic targets with global, regional, and national economic trends, alongside strategic economic and social policies. Its overarching goals include improving macroeconomic and financial stability, enforcing fiscal discipline, and driving down inflation to single digits.

In a press conference in Ankara, Cevdet Yilmaz, Türkiye’s Deputy President, emphasized the country's economic position will be significantly stronger by the end of the program. He noted that by 2028, Türkiye will have developed a robust economic framework featuring sustained macroeconomic stability and sustainable growth.

Yilmaz also highlighted that Turkey's GDP will approach $1.9 trillion, with per capita income reaching $21,000 by the end of the period. He added, “Our tourism revenues will reach $75 billion, unemployment will be reduced to below 8%, and price stability will be permanently achieved with single-digit inflation."

"Within the framework of inflation targeting, monetary policy will continue to be supported in full harmony with fiscal and revenue policies," he concluded.

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