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Turkey forecasts inflation above 10% until 2029
Turkey expects the inflation rate to decline to 28.4% this year and 21% in 2027, with it reaching single-digit levels by 2029. The updated economic plan also aims for economic growth between 4.2% and 5% over the next three years, along with an increase in gross national income to over $2.2 trillion and exports rising to $450 billion. Additionally, the government seeks to create 2.1 million jobs and reduce the unemployment rate to below 8% by the end of 2029. It is committed to maintaining fiscal deficits at no more than 3.5% of GDP in 2027, with a temporary impact stemming from Iran war-related effects on inflation.
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