Turkey GDP is Expected to Grow by 5.8% Next Year

Turkey GDP is Expected to Grow by 5.8% Next Year

According to the 2021 Presidential Annual Program, the policies and measures that were set forth within the scope of “new balances, new normal, new economy” motto declared under the New Economy Program (YEP) are to accomplished efficiently next year. In this way, macro-economic balances will be re-established and reforms of top priority will pave the way for an inclusive and sustainable growth that focuses on employment, technology, and efficiency. 

As the uncertainty of the pandemic fades out, financial conditions recover, the investor and consumer confidence rise up, and before-delayed investment costs revive; Turkey will see GDP growth. 

As a result of the expected increase in the goods and services export and domestic demand, the growth in the industry value added is foreseen to exceed GDP. With the recovery in the tourism industry that had been growing steadily before the pandemic but was hit by the outbreak the most, the service industry will contribute to the overall growth. As for the agriculture industry, it is foreseen to contribute to the growth over the long-term average rate. 

The number of employed people is expected to rise by 1.5 million and the unemployment rate decrease to 12.9% next year. 

YEP aims to reach permanent recovery in the current account balance and a sustainable increase in the export industry. It is foreseen that YEP will decrease import dependency by increasing production capacity. Turkey is expected to see the export rise by 10.9% to $184 billion, import rise by 11.4% to $223.3 billion, resulting in the foreign trade deficit to be around $39.3 billion.

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