Türkiye Economic Snapshot

Economic Survey of Türkiye (24 February 2023)

Executive Summary


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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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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