Turkey Unveils 2022-2024 Medium-Term Program
Turkey’s Medium-Term Program (MTP) for 2022-2024, co-developed by the Ministry of Treasury and Finance and the Presidency of Strategy and Budget (SBB) has been published in the Official Gazette on September 5.
The new economic program expects Turkey’s GDP to grow 9 percent this year, 5 percent by 2022, 5.5 percent by 2023, and 5.5 percent by 2024. Moreover, per capita income is predicted to surpass USD 10,000 threshold in 2023, reaching USD 9,489 in 2021, USD 9,947 in 2022, USD 10,703 in 2023, and USD 11,465 in 2024.
Despite the increasing labor force participation, unemployment rate is expected to gradually decrease 12.6 percent this year, 12 percent in 2022, 11.4 percent in 2023, and 10.9 percent in 2024.
While annual inflation in Turkey is projected to reach 16.2 percent by the end of this year, it is expected to fall into single digits starting from next year receding 9.8 percent in 2022, 8 percent in 2023, and 7.6 percent in 2024.
Turkey will continue to set new export records in the coming years. While the country’s export target for 2022 is USD 230.9 billion, it aims to gain USD 255 billion by 2024.
Following the Covid-19 pandemic, tourism revenues were revised to reasonable levels, with the goal of gaining USD 25 billion in 2022, USD 30 billion in 2023, and USD 33 billion in 2024.
The MTP is a tool that initiates the budget process and allocates resources in line with public policies and practices along with priorities in the Development Plan. The major aim of the program is to develop new economic targets for the country and maintain domestic and external budget balance.
Source: Republic of Turkey Investment Office
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