In a recent announcement following a cabinet meeting, President Tayyip Erdogan of Turkey unveiled a series of measures aimed at fortifying the country's medium-term economic program (MTP) with a strong focus on trade. Erdogan emphasized three core priorities: enhancing public savings, prioritizing trade-related investments, and expediting structural reforms to boost trade efficiency.
Erdogan expressed confidence in the readiness of his economic team to implement these trade-centric measures, stating, "We have three main priorities in strengthening the MTP. These are to increase public sector savings, prioritize investments that promote trade, and accelerate structural reforms that enhance our trade capabilities."
Vice President Cevdet Yilmaz, speaking to reporters post-cabinet meeting, disclosed ongoing efforts by the finance ministry and the budget authority to study public sector savings with a specific emphasis on trade-related expenditures. These efforts involve the examination of over 15 articles with the goal of not only reducing costs but also optimizing trade-related expenditures to bolster Turkey's competitiveness in international trade.
Erdogan also provided trade-oriented economic projections, anticipating a growth rate nearing 4% for the year, driven by positive trade dynamics. Moreover, he forecasted the current account deficit to stabilize at 2.5% of GDP by year-end, reflecting improved trade balances.
On a related note, recent official data revealed Turkey's current account deficit at $3.265 billion in February, below the earlier Reuters estimate of $3.7 billion, indicating positive trade trends.
Meanwhile, Central Bank Governor Fatih Karahan, speaking at a panel in Washington, expressed optimism about inflation, indicating that Turkey is on course to achieve its target of 36% by year-end, notwithstanding an anticipated temporary peak of around 75% in the coming months.
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