Turkey has announced a three-year austerity program on Monday, May 14, aimed at curbing inflation, which reached nearly 70% year-on-year in April and is expected to peak this month. The program includes a 15% reduction in public investments and wide-ranging budget cuts across the entire public service, some of which will require legislative changes. Finance Minister Mehmet Simsek emphasized the goal of sustainable high growth rather than boom and bust cycles, while acknowledging potential trade-offs between lowering inflation and maintaining economic growth. Simsek made these remarks at the Qatar Economic Forum. Turkish Vice President Cevdet Yilmaz expressed optimism, expecting the savings from the government's new efficiency plan to exceed estimates.
⚠️ EXCLUSIVE-TURKISH VICE PRESIDENT YILMAZ SEES INFLATION REPRIEVE, WITH FULL ERDOGAN BACKING Full Story → https://t.co/ITl2NHNWtB Turkish Vice President Cevdet Yilmaz expects savings from the government's new efficiency plan to outstrip estimates as it continues the fight… https://t.co/pyosHOPCBn
What does Turkey's three-year austerity plan to curb inflation entail? "The wide-ranging plan includes budget cuts for “the entire public service,” including some that will require legislative changes that will be submitted to parliament" By @jackvdutton https://t.co/5uObnZFLLR
Turkish Finance Minister Mehmet Simsek said some trade-offs may emerge as he tries to balance lowering inflation with maintaining economic growth under the watchful eye of President Recep Tayyip Erdogan https://t.co/66nh60GxWI
Turkey is pursuing "sustainable high growth... not boom and bust episodes," Finance Minister Mehmet Simsek tells @QatarEconForum https://t.co/zbLiHLmD5n #QatarEconomicForum #منتدى_قطر_الاقتصادي https://t.co/MAyuttfKGP
Turkey announced a three-year austerity program on Monday to cut public spending to tame inflation, which reached nearly 70% year-on-year in April and is expected to peak this month By @jackvdutton https://t.co/SHVi0C4G1n
Turkey slashes public investments 15% to rein in inflation https://t.co/cpcKBgFi2b