Latest Economic News: Medium-term Program Revealed! Here is the New Roadmap for the Economy – Latest Updates
Turkey’s 3-year economic roadmap has been announced. Speaking on the subject, Vice President Cevdet Yılmaz used the following statements: “Today, we have gathered to share with you the policy framework, goals, and implementation tools related to the OVP that will shape the next 3 years of the Turkish economy. We will reveal the roadmap we will follow in critical areas such as the growth of our economy, employment outlook, financial and price stability.”
“I wish the new OVP period good to our country. OVP, a basic policy document prepared for a 3-year perspective, is being formalized with the signature of our President after being prepared by our Strategy and Budget Presidency and the Ministry of Treasury and Finance. The program aims to address key economic indicators, income-expenditure estimates, budget balance, and debt situation. It includes the allocation ceiling for public agencies.”
“Uncertainties have disappeared with the general elections held last year, and we have entered a long period without elections. Immediately after the elections, we eliminated policy uncertainties with the economic program we implemented. We are in a period where uncertainties have disappeared and predictability has strengthened.”
Yılmaz also emphasized the importance of comprehensive consultations with various stakeholders during the preparation process of the OVP. Meetings with unions, professional organizations, business representatives, agricultural sector representatives, craftsmen, and non-governmental organizations have contributed significantly to understanding the needs of various segments of society.
He highlighted the successful results achieved in the past year, stating that despite global and regional challenges in 2003, the Turkish economy continued to grow steadily. Despite the earthquake disaster and adverse global developments, our economy grew by 5.1% last year, continuing its uninterrupted growth process.
Regarding inflation, Yılmaz stated that the effects of the disinflation process began in June 2024, with a 23.5 point decrease in the inflation rate. He also highlighted the positive developments in employment and budget deficit, emphasizing the sustainability of public finances.
In conclusion, Yılmaz outlined the goals of the updated OVP for the 2025-2027 period, focusing on reducing inflation to single digits, increasing growth potential in line with the disinflation process, boosting investment, employment, production, and exports, and ensuring fair income distribution to all sectors of society. He emphasized the importance of human-centered development and the implementation of policies to strengthen Turkey’s macroeconomic stability.
The OVP aims to transform the industrial sector into a high value-added production structure, promote digital transformation, enhance energy investments, and strengthen domestic energy resources. Overall, the aim is to achieve sustainable and balanced economic growth, reduce unemployment, and improve the country’s economic competitiveness through structural reforms and targeted policies.
