Turkey Sets Ambitious Target to Slash Inflation to 9% by 2029

Deep News09-07

Turkey unveiled its "Medium-Term Economic Program for 2027-2029" on September 6th, setting ambitious goals to bring inflation down to 21%, 13.5%, and 9% in 2027, 2028, and 2029, respectively. Vice President Cevdet Yilmaz announced the plan at the presidential complex in Ankara, stating that inflation has entered a clear downward trajectory since peaking at 75.5% in May 2024.

Yilmaz projected that inflation would drop to 28.4% by the end of this year. He also noted that, according to estimates from the Turkish Central Bank, approximately 7 percentage points of the current inflation rate can be attributed to the direct and indirect effects of the ongoing conflict in the Middle East.

On the economic growth front, Turkey's gross domestic product (GDP) is expected to expand by 3.3% in 2026 and 4.2% in 2027. Furthermore, Yilmaz emphasized that Turkey will continue to develop its indigenous defense technologies and high value-added industries, with defense expenditures set to increase by 229% during the program period.

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