Türkiye aims for permanent single-digit inflation: VP Yılmaz

Türkiye's primary goal is to bring inflation down to single digits permanently and ensure stable economic growth, Vice President Cevdet Yılmaz stated at the 28th International Business Forum (IBF), organized by Türkiye's Independent Industrialists and Businessmen's Association (MÜSİAD).

"Our main objective is to achieve permanent single-digit inflation, ensure price stability, foster stable growth and distribute income fairly," Yılmaz said.

Despite global challenges, Yılmaz highlighted that the world economy grew by 3.3 percent in 2023, with growth projected to moderate to 3.2 percent in the coming years.

"We anticipate accelerated growth in regions such as Europe, the Middle East and North Africa, which account for 72 percent of Türkiye's exports, by 2025," he added.

Yılmaz acknowledged the slowdown in global trade in 2023, which grew by merely 0.8 percent due to protectionism and geopolitical tensions. However, he noted a positive outlook for global trade with projected growth of 3.1 percent in 2024 and 3.4 percent in 2025.

Global financial conditions are also expected to improve, with easing measures seen in the latter half of 2023.

"Markets foresee continued interest rate cuts by the U.S. Federal Reserve and European Central Bank through 2025. This creates a favorable environment for developing countries," Yılmaz emphasized.

Under the motto of "balanced trade — sustainable economy," Türkiye aims to leverage such conditions in the global economy. Yılmaz stressed the importance of prioritizing cooperation in the multilateral trade system to drive progress.

He further affirmed that the MÜSİAD Expo 2024 will play a significant role in fostering collaborations and investments. Held in Istanbul, the event aims...