Türkiye Economic Snapshot
Economic Survey of Türkiye (24 February 2023)
Executive Summary
Presentation
Further reading
Economic Forecast Summary (November 2022)
Economic Outlook Note - Türkiye
GDP growth will moderate from 5.3% in 2022 to around 3% over the projection period. Inflation will decline but remain above 40%. This will dent household purchasing power while heightened uncertainty will hold back investment. Export growth will slow as external demand weakens. The unemployment rate is projected to stay above 10% in 2023. Large external financing needs and low reserve buffers leave the economy highly vulnerable to shocks.
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Read full country noteReform 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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Read full country note2021 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