Turkey on Thursday released its medium-term economic program, a new plan focused on sustainable and employment-based growth.
The program’s main goal is developing the country’s new economic targets, unveiled last week, and re-establishing domestic and international balance.
The new economic program targets GDP growth rate of 0.3% in 2020, 5.8% in 2021, and 5% in 2022 and 2023.
The new economic program also expects unemployment of 13.8% this year and 12.9% next year, and inflation of 10.5% this year, 8% in 2021, and 4.9% in 2023.
The program aims at economic transformation based on production, exports, and financial stability by using the economic opportunities created by the global economy’s new normal.
In the three-year period, fiscal discipline is the country’s essential fiscal policy.
The country targets using sources productively.
Turkey will implement temporal measures to reduce COVID-19’s effects on the economy to provide gradual recovery of the budget balance.
At the end of the program, the budget deficit is targeted to reach 3.5% of the country’s GDP.
The program’s GDP targets are 5.64 trillion Turkish liras ($771 billion) for 2021, 6.31 trillion Turkish liras ($795.5 billion) for 2022 and 7.02 trillion Turkish liras ($885 billion) for 2023.
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