istanbul
Turkiye’s economic plan is working and delivering results, but the risks are decreasing, Vice President Cevdet Yilmaz said.
In an interview with private broadcaster CNN Turk, Prime Minister Yilmaz pointed out that while Turkiye’s credit default swaps (CDS) have fallen, international rating agencies have raised the country’s rating.
He added that economic policies are being implemented decisively and confidence in the economic plan is increasing.
The vice president said the economic outlook is likely to improve further in 2025.
“We expect foreign direct investment to increase.”
Yilmaz said Turkiye is in a period of disinflation, with inflation falling by 23.5 percentage points in three months, adding that the latest data shows food prices are falling and the outlook for food inflation is improving. He pointed out that it shows.
According to the Vice President, some of the projects are aimed at increasing future food supplies.
The average age of farmers is 58 years old, he said, adding that the government will encourage young people to engage in agriculture.
Yilmaz said the economic impact of the 2023 earthquake, which destroyed infrastructure, roads and tunnels, should not be overlooked.
He added that the government has allocated about 2.5 trillion Turkish liras for earthquake relief over two years.
Yilmaz said that although the damage caused by the earthquake was huge, the government still maintained budgetary discipline.
The Vice President reiterated his commitment to continue implementing the floating exchange rate model.
Yilmaz said that in countries with disinflationary policies, the value of the local currency has increased and the lira has also strengthened, adding that some industries may be affected in terms of competitiveness.
He said Turkiye’s exports are expected to increase to $264 billion and that exchange rates are not the only factor determining exports.
“We expect growth to accelerate in the EU and MENA regions, which are our main export markets,” Yilmaz added.
