Baby & Kid Store November 2020

Economy About Us
Turkey releases
medium-term program for 2021-2023
Program targets GDP of $771B for 2021, $795.5B for 2022, and $885B for 2023
Turkey has recently 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 CO-
VID-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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