Minister of Treasury and Finance Mehmet Şimşek stated that the Turkish economy has left behind a challenging period and that weaknesses have significantly decreased. Şimşek stated that growth has started to stabilize, the current account deficit has narrowed, the risk premium has decreased and foreign resource inflows have increased. He also emphasized that reserves have improved and the disinflation process has begun.
While evaluating the growth data, Şimşek said that policies that are predictable and in line with international norms have strengthened the economy. Stating that the rebalancing in growth continued in the third quarter, Şimşek predicted that domestic demand will contribute less to growth throughout 2024.
In a statement on his X account, he announced that the contribution of domestic demand to growth decreased to 1.2 points in the second quarter, while net external demand made a positive contribution of 1.3 points. He stated that the unemployment rate remained stable at 8.8 percent, while employment increased by 205 thousand people compared to the previous quarter.
Şimşek stated that they expect strengthening macro financial stability and supportive global conditions to limit the short-term effects of disinflation on growth. He also said that the Medium Term Program (2025-2027) will be shared with the public in the near future and that this program will ensure lasting price stability and lay the groundwork for sustainable growth.
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