Turkey's economy expected to grow by 5% in 2022: Vice president Oktay

08 Dec '21

2 min read

Pic: Sedovukr | Dreamstime.com

Turkey's economy is expected to grow by 5 per cent in 2022, according to vice president Fuat Oktay, who told lawmakers on the first day of the 2022 budget debate that despite developments in the exchange rate and the overall level of prices at the global and domestic levels, the government is committed to stabilising the exchange rate and fighting inflation.

He asserted that the country will never compromise on the financial transparency that forms ‘the main backbone of accountability’.

"Our commitment to fiscal discipline continues in the same way today as it was before. Thus, public finance will continue to be the strongest anchor of the Turkish economy," he was quoted as saying by a Turkish media report.

Budget expenditures have been projected at 1.750 trillion liras ($135.4 billion) and budget revenues at 1.472 billion liras ($113.9 million). The budget deficit for next year has been projected at 278 billion liras (nearly $21 billion).

The budget for 2022 will be the 20th of the AK Party government, which has been in power for nearly two decades.

Recent jumps in inflation and losses in the value of the Turkish currency, the lira, have led opposition parties to attack the government's economic policy, including interest rate cuts.

Turkish President Recep Tayyip Erdogan has said the rate cuts are part of his ‘new economic model’ and a ‘war of economic liberation’ for Turkey.

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