Ankara: Trkiye aims to expand its economy to $2.2 trillion, create 2.1 million additional jobs, and bring inflation back to single digits by the end of 2029, Vice President Cevdet Yilmaz said. Yilmaz, along with Treasury and Finance Minister Mehmet Simsek and Presidency of Strategy and Budget head Ibrahim Senel, met with foreign media representatives at the Presidential Complex in Ankara as part of the '2027-2029 Medium-Term Programme (MTP) International Media Meeting.'
According to Emirates News Agency, Yilmaz stated that the government would build on the macroeconomic gains achieved since 2023 and transform greater stability into sustainable growth and productivity. He projected that growth, expected to be realized at 3.3% in 2026, will gradually strengthen to reach 4.2% in 2027, 4.6% in 2028, and ultimately 5% by the end of the program. The government aims for sustainable growth that aligns with macroeconomic stability, increases production capacity and productivity, and avoids generating inflationary pressure.
Total factor productivity is anticipated to contribute approximately 1.2 percentage points to growth in 2026 and about 1.1 percentage points annually throughout the program. National income is projected to exceed $1.8 trillion, and per-capita income is expected to surpass $20,000 for the first time by the end of 2026. By 2029, nominal GDP is expected to reach $2.2 trillion, and per-capita income around $25,000, while combined exports of goods and services are projected to rise to $450 billion. "That will be the first time we exceed the $2-trillion threshold," Yilmaz said as quoted by Anadolu Agency.
The government expects year-end inflation at 28.4% in 2026, slowing to 21% in 2027 and 13.5% in 2028, before ultimately returning to single digits in 2029. Yilmaz noted that inflation, which peaked at 75.5% in May 2024, entered a downward trend before supply-side pressures caused by regional conflict temporarily slowed the improvement. Annual inflation stood at 31.5% in August, and it is expected to resume its downward trend in the final quarter.
Trkiye anticipates generating around 700,000 jobs annually, creating 2.1 million additional jobs during the program and reducing unemployment to below 8%. "This will be generated through growth, of course, but not only through growth. We will also pursue labor market reforms and active labor market policies," Yilmaz stated.