Türkiye Economic Snapshot

Economic Forecast Summary (June 2023)

June 2023

Economic Outlook Note - Türkiye

Economic growth is projected to moderate to 3.6% in 2023 due to weaker exports, while domestic demand will remain the main driver of growth. The devastating earthquake at the beginning of this year brought widespread damage in southern Türkiye. However, the boost from reconstruction is expected to largely offset the negative impact from disruption to economic activity. The unemployment rate is expected to stay close to 10%.


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Economic Survey of Türkiye (24 February 2023)

Executive Summary


Reform Priorities (April 2021)

Going for Growth 2021 - Turkey

For a more inclusive and sustained recovery structural challenges such as low labour force participation of women, widespread informality, weak skills, rigid employment rules hampering reallocation and large share of low-quality employment have to be addressed. The COVID-19 related contraction in economic activity affected informal workers the hardest, as many work in contact-intensive services such as tourism, catering and retail trade.

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2021 Structural Reform Priorities

  • Labour market: Reduce the cost of employment of the low skilled
  • Education and skills: Improve quality and equity of educational achievement at all levels
  • Labour market: Reform employment protection legislation and strengthen active labour market policies, addressing the informal sector
  • Competition and regulation: Ease administrative burdens, price regulations and barriers to foreign investment and cross-border service trade
  • Environmental policy: Address environmental pressures caused by population growth, urbanisation, road transportation and expansion of coal power production

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