Cevdet Yılmaz: Inflation is Turkey's Biggest Problem

Cevdet Yılmaz: Inflation is Turkey's Biggest Problem

Vice President Cevdet Yılmaz stated that he always meets with representatives of Turkey's business world during his speech at the "Manisa Business World Meeting" event. Yılmaz drew attention to the fact that the world is currently going through a difficult economic period, expressing that the shift of production centers to different geographies increases uncertainties.

Turkey's Economic Goals

Emphasizing that Turkey's economy, which was 238 billion dollars in 2002, is expected to reach 1.5 trillion dollars this year and that per capita income is anticipated to exceed 17 thousand dollars, Yılmaz stated, "As of last year, we ranked as the 17th largest economy in the world in nominal dollar terms. According to IMF data, Turkey will be the 16th largest economy this year."

Earthquake Expenditures and Economic Performance

Yılmaz reported that 90 billion dollars have been spent on earthquakes in the last three years and noted that budget discipline continues. He indicated that the current budget deficit as a proportion of national income is at 3.6 and that this ratio is 2.8 excluding the earthquake expenditures.

Strategies in Fighting Inflation

Yılmaz emphasized that inflation is the biggest problem for the people and continued: "Inflation reached 75.5 in May 2024. By September, this rate decreased to 33.3. Our year-end goal is to bring inflation down to below 30%; by 2027, we will return to single-digit figures."