IMF reports Turkey's economic policies since mid-2023 reduced crisis risks, lowered inflation, and increased international reserves.
The IMF reports that Turkey's economic policies since mid-2023 have significantly reduced crisis risks and increased confidence. Inflation is predicted to decline from 43% by the end of 2023 to around 24% in 2024. The current account deficit has fallen to 2.7% of GDP, and international reserves have increased by $91 billion since April. The IMF expects Turkey's GDP growth to decline this year and next, with a potential return to a growth rate of 3.5-4% in the medium term. Strengthening policy frameworks, addressing barriers for SMEs, and accelerating the green transition are suggested to boost growth.
August 29, 2024
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