Türkiye Releases 2024-2026 Medium-Term Program

Türkiye's Medium-Term Program (MTP) for 2024-2026, prepared by the Ministry of Treasury and Finance and the Presidency of the Republic of Türkiye Presidency of Strategy and Budget was published in the Official Gazette on September 6 and launched by President Recep Tayyip Erdoğan and Vice President Cevdet Yılmaz at a ceremony held at the Presidential Complex in Ankara.

The new economic program expects Türkiye's GDP to grow 4.4 percent this year, 4 percent by 2024, 4.5 percent by 2025, and 5 percent by 2026. Moreover, per capita income is predicted to surpass USD 12,400 in 2023, reaching USD 12,875 in 2024, USD 13,717 in 2025, and USD 14,855 in 2026.

Despite the increasing labor force participation, unemployment rate is expected to gradually recede to 10.1 percent this year, 10.3 percent in 2024, 9.9 percent in 2025, and 9.3 percent in 2026.

While annual inflation in Türkiye is projected to reach 65 percent by the end of this year, it is expected to fall starting from next year, receding to 33 percent in 2024, 15.2 percent in 2025, and then to a single digit of 8.5 percent in 2026.

Türkiye will continue to set new export records in the coming years. While the country's export target for 2023 is USD 255 billion, the target for 2026 is USD 302.2 billion.

Following the Covid-19 pandemic, tourism revenues were revised to new levels, with the goal of gaining USD 55.6 billion in 2023 and USD 71.3 billion in 2026.

The new MTP is based on seven pillars including growth & trade, labor force & employment, price/financial stability, public finance, disaster management, green & digital transformation, and business & investment environment.

Addressing the launch of the MTP, President Erdoğan said, “With the basket of policies we adopt in the MTP, we will remove the inflation problem off our country's agenda by ensuring coordination in our monetary, fiscal and income policies." Noting that reform steps of critical importance have been defined in seven major areas, President Erdoğan highlighted that there will be no concession from economic growth in the period covered by the program.

The MTP is a tool that initiates the budget process and allocates resources in line with public policies and practices along with priorities in the development plan. The major aim of the program is to develop new economic targets for the country and maintain domestic and external budget balance.
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Medium-Term Program; MTP; President Recep Tayyip Erdoğan