[ad_1]
last minute “data-mce-href =” https://www.ntv.com.tr/son-dakika “> Latest news!
The Minister of Finance and Finance, Berat Albayrak, announced the New Economy Program for the period 2021-2023.
The highlights of Albayrak’s statements are as follows:
As the balancing process draws to a close, the post-pandemic world faces a new challenge. Some countries have completely closed their economies and borders. Unemployment has increased. The currencies of emerging countries such as Turkey in situations of uncertainty plummeted around the world. The uptrend of our inflation rate has been replaced by a flat trajectory. Due to the rapid increase in gold imports and the decline in tourism, there was a temporary deterioration in the current account. This program will reveal how we will adjust to the new normal after the epidemic.
SUPPORT OF 494 BILLION TL DURING THE OUTBREAK PROCESS
Monetary expansion measures were taken in our country and around the world. The total support packages during the epidemic period reached TL 494 billion and 10 percent of national income. We provide 47.5 billion TL to our 9 million citizens.
“WE DISTRIBUTE POSITIVE FROM MANY DEVELOPING COUNTRIES”
We entered a rapid normalization process in July of this year. We dissociate ourselves positively in many developing countries like Turkey. All indicators point to a ‘V’ recovery. The recovery of tourism and services is not at the desired level.
“OUR THEME IS NEW BALANCE, NEW NORMAL, NEW ECONOMY”
Our theme is New Balance, New Normal, New Economy. The financial measures taken during the epidemic process will be phased out. The normalization steps will continue in the coming weeks. We will continue to implement strategic reforms.
We will prioritize reforms focused on competition, technology and efficiency that will reduce vulnerabilities in inflation and the current account balance.
We start 2020 with strong growth. We will focus on export, value-added production and employment to achieve growth targets. We forecast positive growth of 0.3 percent throughout the year.
We expect the unemployment rate to decline gradually and reach 10.9 percent in 2023.
“STABILITY WILL BE ACHIEVED IN FOOD PRICES”
In the field of inflation, food prices will stabilize with contracted agriculture and the financing of inputs.
Within the scope of measures to reduce foreign exchange carry-over, localization programs will continue to increase TL-based guaranteed purchase contracts.
If there were no demand for gold and loss of income from tourism, we would have ended this year with a current account surplus.
“THE RIGHT ENERGY PRICES WILL CONTRIBUTE TO THE CURRENT BALANCE”
The natural gas contracts that will be renewed and the appropriate energy import prices that will be formed with the effect of the discovery of natural gas in the Black Sea will contribute to the current balance.
We expect the budget deficit to GDP ratio to gradually decrease during the program period and reach 3.5% at the end of the period.
During the NEP period, we will concentrate public investments in health, rail investments, irrigation projects, and education.
For financial stability, TL-based financial product incentives and reducing dollarization will be among the priority targets.
HERE IS THE NEW ROAD MAP
INCREASE
Growth forecast for 2020 0.3 percent (previous 5 percent)
Growth forecast for 2021 5.8 percent (previous 5 percent)
Growth forecast for 2022 5 percent (5 percent above)
Growth forecast for 2023 5 percent (5 percent above)
UNEMPLOYMENT
Unemployment forecast for 2020 13.8 percent
Forecast for 2021 12.9 percent
Estimate 2022 11.8 percent
2023 forecast 10.9 percent
INFLATION
CPI forecast for the end of 2020 10.5 percent (8.5 percent above)
Forecast for 2021 8 percent (6 percent above)
Forecast for 2022 6 percent (4.9 percent above)
Forecast for 2023 4.9 percent
CARİENGE
Current account balance for 2020 / GDP forecast -3.5 percent (previous -1.2 percent)
Forecast for 2021 -1.9 percent (0.8 percent above)
Forecast for 2022 -0.7 percent (0 percent above)
2023 forecast 0.1 percent
BALANCE OF THE BUDGET
Budget balance for 2020 / GDP forecast -4.9 percent (previous -2.9 percent)
Forecast for 2021 -4.3 percent (previous -2.9 percent)
Forecast for 2022 -3.9 percent (previous -2.6 percent)
Forecast 2023 -3.5 percent
GDP SIZE
2020 estimated $ 702 billion
2021 estimated $ 735 billion
2022 estimated $ 801 billion
2023 estimated $ 875 billion
