Turkiye raised the country’s full-year inflation forecast to 65%, a sign that soaring prices will remain an issue as President Recep Tayyip Erdogan attempts to focus on economic growth ahead of 2023 election, APA-Economics reports citing Bloomberg.
The government sees the inflation rate slowing to about 25% next year, according to the new three-year Medium Term Program published in the Official Gazette on Sunday. In the same report a year ago, 2022 inflation was forecast to be just 9.8%. The Turkish central bank in July estimated 2022 year-end inflation at 60.4%.
Turkiye’s current-account deficit is seen reaching 5.9% of GDP this year, fueled by an estimated trade deficit of $105 billion as energy prices soar.
Follow us on Telegram
t.me/apanewsaz
Follow us on Instagram
Follow us on TikTok
Follow us on Facebook
Follow us on X
