New Economic Plan: Growth, Inflation Expectations Revised

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Minister of Treasury and Finance Berat Albayrak introduced the three-year road map of the economy at a press conference held today (September 20). When he ended his speech, the exchange rate of US Dollar began to rise.

In the New Economic Plan, which will be in effect in the three year-period from 2019 to 2021, the economic growth expectation has been revised downward while the inflation expectation has been revised upward.

Economic growth expectations revised downward

* Growth (%)

Speaking at the Presidency Working Office in Dolmabahçe, İstanbul, Albayrak announced that they have expected the economy of Turkey to grow by 3.8 percent in 2018 and by 2.3 percent in 2019.

In the years 2020 and 2021, the growth expectations of the ministry have been announced as 3.5 and 5 percent respectively.

Inflation expectations revised downward

* Inflation (%)

As for the inflation expectations, Albayrak stated that their inflation expectations for 2018 and 2019 are 20.8 and 15.9 percent respectively.

For the years 2020 and 2021, the inflation expectations have been announced as 9.8 and 6 percent.

Unemployment over 10 percent until 2021

* Unemployment rate (%)

Albayrak also announced that they expected the unemployment rate of the country to be 11.3 percent in 2018, 12.1 percent in 2019, 11.9 percent in 2020 and 10.8 percent in 2021.

The exchange rate of the US Dollar, which fell to 6.1337 Turkish Lira in the first minutes of Albayrak's speech, increased again to the level of 6.31 TRY. (HK/SD)