Turkish Trade Minister Omer Polat announced that his country has become the fastest growing economy among countries G20 AndOrganization for Economic Cooperation and Development During the third quarter of this year. For his part, the Turkish Minister of Finance warned Mehmet Şimşek This growth will slow down in the coming period.
The Turkish economy achieved growth of 5.9% in the third quarter of 2023, according to official data issued today, Thursday, by the Turkish Statistics Authority, which exceeded expectations, driven by household spending, but activity is expected to slow by the end of the year after monetary tightening led to calming demand.
Polat explained – in a blog on the X website – that the Turkish economy maintained its high growth performance for 13 consecutive quarters, with the gross domestic product increasing by 5.9% during the aforementioned period.
He stated that the economy achieved growth of 4.7% in the first nine months of this year.
He stated that despite the earthquake that struck the southeast of the country last February, and the weakness of external demand, Turkey’s exports of goods and services increased by 1.1%.
He added that Ankara aims, through policies aimed at increasing investment, production and exports, to enhance overall financial stability by ensuring a permanent improvement in the current account in the coming period on the one hand, and continuing high sustainable growth on the other hand.
Growth will slow down
For his part, Turkish Finance Minister Mehmet Simsek warned that the data released today, Thursday, showed the growth of the Turkish economy in the third quarter by 5.9%, a rate higher than expected and encouraging, but this growth will slow down during the coming period, as he told the official TRT channel.
He added, “But what is important here is to increase the quality of growth,” adding that directing resources to effective areas and increasing efficiency will be major drivers of growth.
He added that incoming capital flows are strengthening and are expected to increase from the second half of 2024 onwards, and that there is interest in investment from Gulf countries.
Economic program
As part of efforts to advance the economy, the Turkish President revealed Recep Tayyip Erdogan Last September, he announced the features of the medium-term economic program prepared by his government for the coming period, as it seeks to draw a new road map that enhances development and economic stability in the country.
Erdogan said that his country aims, within 3 years, to achieve balance through economic growth, led by private sector investments with high added value at an average rate of 4.5%, and stressed that exports of goods and services will rise to historical levels.
The program’s goals represent Türkiye’s aspirations and efforts to combat… Inflation And achieve the growth Economic By creating new job opportunities, attracting investments and improving income distribution, the path to achieving this is hampered by many challenges, according to economists.
