Turkiye targets 4.5% average GDP growth rate between 2024, 2026

The economy is projected to grow at 4 per cent next year, 4.5 per cent in 2025 and 5 per cent in 2026, vice president Cevdet Yilmaz said Unveiling the programme.

Turkiye's year-end inflation rate is expected to come in at 65 per cent this year, 33 per cent next year, 15.2 per cent in 2025 and 8.5 per cent in 2026, Yilmaz said. The country’s annual inflation reached 58.94 per cent in August this year.

"Turkiye, for the first time, foresees joining high-income countries with an economic size exceeding $1.3 trillion by the end of the program (end-2026), reaching $14,855 per capita income," President Recep Tayyip Erdogan said about the programme.

The new programme will boost domestic production and accelerate technological transformation in industry, support services trade, and focus on efforts to update the Customs Union, the president explained.

Exports are projected to hit $255 billion this year and rise to $302.2 billion in 2026, Yilmaz was quoted as saying by Turkish media reports.

Some 909,000 jobs will be generated every year under the programme, and the unemployment rate is set to drop to single digits by 2026 end, Erdogan said.

Unemployment rate is projected to be 10.3 per cent next year, followed by 9.9 per cent in 2025 and 9.3 per cent in 2026 under the programme.

Fibre2Fashion News Desk (DS)