Uncertainties reduced significantly, says VP Yılmaz

ISTANBUL

Türkiye is in a period of reducing uncertainties to a minimum, Vice President Cevdet Yılmaz has stated, stressing that the country continues to ensure predictability, sustainability and confidence.

“Political uncertainties have been removed with the general and local elections, and we have addressed policy uncertainties with the medium-term program we are implementing,” Vice President Yılmaz said while addressing businesspeople at a gathering in Istanbul.

Türkiye’s economic growth is continuing, he added, saying that the size of the economy is forecast to exceed $1.3 trillion in nominal terms, while the per capita income level will reach around $15,000 for the first time.

Yılmaz noted that the average Turkish growth was 5.4 percent in the last 20 years, whereas the world economy grew by 3.6 percent over the same period.

He reiterated that the government aims to bring inflation down to single digits.

“We always said there would be three stages [in the fight against inflation]: A transition period, a disinflation period of disinflation, and a period of permanent price stability… We completed the transition period as of June this year,” Yılmaz said.

Data from the Turkish Statistical Institute (TÜİK) showed on Oct. 3 that Türkiye's annual inflation rate was 49.38 percent in September, its lowest since July 2023.

“We are targeting a decrease in the annual inflation rate to below 20 percent next year and single-digit levels in 2026,” Yılmaz said.

The vice president also emphasized a significant decline in the country’s risk premium and noted that Central Bank reserves reached a historic record on Sept. 27, with gross reserves totaling $157.4 billion.