Erdoğan unveils new medium term economic plan

ANKARA

President Recep Tayyip Erdoğan has unveiled the government's Medium Term Program, outlining a comprehensive strategy aimed at reducing inflation, fostering growth and addressing various key challenges.

"In the three-year period [from 2024 to 2026], we aim for a balanced economic growth and an average growth rate of 4.5 percent, led by high value-added private sector investments," Erdoğan said at a meeting at the Presidential Complex in the capital Ankara on Sept. 6.

Among the program's goals, Erdoğan highlighted the aspiration for Türkiye to join the ranks of high-income countries, projecting a GDP size exceeding $1.3 trillion and a per capita national income of $14,855 by the conclusion of the program.

The program also places a strong emphasis on tackling unemployment, with Erdoğan setting the target of reducing the unemployment rate to single digits. This objective will be pursued through a planned increase in employment opportunities, aiming to add an average of 909,000 jobs annually, totaling 2.7 million jobs over the program's duration, he said.

In the realm of international trade, Erdoğan outlined plans to boost exports, setting a goal of exceeding $300 billion in exports and $70 billion in tourism revenues. The president expressed his intent to elevate Türkiye's exports of goods and services to "historic levels."

Erdoğan also touched upon plans to address the issue of inflation and improve income distribution within the country. "We will not compromise on economic growth," he declared, asserting his commitment to facilitating high value-added investments and their financing.

The president also announced initiatives to increase access to housing for low-income individuals through the development of new social housing projects. Furthermore, the government plans to streamline public investment projects, he said, through "eliminating inefficiencies and reallocating resources to priority areas."

Erdoğan also emphasized the importance of strengthening Türkiye's trade relations with the European Union by updating the Customs Union and attracting foreign direct investment through improved bureaucratic and legal predictability.

"We do not approach anyone or any idea with prejudice," Erdoğan stated, extending an invitation to the opposition to support the program and collaborate in the best interests of the country.

Additionally, he addressed the recent earthquakes that impacted the nation, pledging substantial resources for the affected regions. Erdoğan revealed plans to allocate 1 trillion Turkish Liras in 2024 alone, with a total commitment of approximately 3 trillion liras over the program's duration to support the earthquake-affected areas.