Turkey Announced The New Economic Program

Turkey Announced The New Economic Program Turkey announced the new Economy Program. Minister Albayrak made a speech at the "New Economy Program 2021-2023 Launch Meeting". Minister of Treasury and Finance Berat Albayrak made a statement about the program at the "New Economy Program 2021-2023 Launch Meeting". Stating, “We made 18.7 billion lira short-time work allowance, 4.4 billion lira cash support and 3.6 billion lira unemployment allowance.” Minister Berat Albayrak informed that the total size of the support packages announced during the pandemic period reached 494 billion liras and 10% of the national income. Minister of Treasury and Finance Berat Albayrak said, “The main themes of the New Economy Program this year; We designated it as 'New Balancing', 'New Normal' and 'New Economy' '' and continued as follows:  

“We foresee a positive growth of 0.3 percent throughout the year. We expect the unemployment rate to decrease gradually and reach 10.9 percent in 2023. We expect the ratio of budget deficit to GDP to decrease gradually throughout the program period and reach 3.5 percent at the end of the period. It is aimed to increase our savings through strategic reforms in financial markets, to support efficiency in resource allocation, to increase the level of financial literacy and to strengthen the capital market pillar of the financial system.”

  Growth Targets Also Announced Growth targets in the New Economy Program were announced as 5.8 percent for 2021, 5 percent for 2022 and 2023. In the New Economy Program, inflation targets were announced as 10.5 percent for 2020, 8 percent for 2021, 6 percent for 2022, and 4.9 percent for 2023.