Turkey revises economic growth forecasts for 2026-2027

Turkey has lowered its growth forecasts for its economy in 2027 to 4.2% from 4.3%, and for 2026 to 3.3% from 3.8%, due to the repercussions of the war with Iran and rising energy prices, as well as the possibility of early elections that could allow President Erdoğan to run again. The government continues to focus on sustainable inflation reduction, aiming to lower the inflation rate to below 30% by the end of 2023, with expectations it will rise to 21% by the end of 2027, a trajectory influenced by the escalation of the war in Iran and the decline in consumer price growth to 31.5% in August. Additionally, the government has raised its budget deficit projection to 3.5% of GDP for 2027, amid geopolitical unrest and economic challenges.

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