New Economic Program Stands on New Balancing, New Normal and New Economy

Minister of Treasury and Finance Berat Albayrak announced the New Economic Program - 2021-2023 (NEP) on September 29, in Istanbul. 

The newly-launched program centers on the three pillars, which are new balancing, new normal and new economy and it outlines the government’s three-year plan to fight the possible disruptive effects of the pandemic on inflation, growth, current account and macroeconomic targets. 

Delivering a speech at the press conference, Minister Albayrak stressed that the new program would reinforce the confidence of investors in Turkey during and after the pandemic as it had been before. 

Accordingly, Turkey’s year-end GDP growth rate is expected to be 0.3 percent, while it is projected to be 5.8 percent in 2021, and 5 percent in both 2022 and 2023, while inflation is expected to stand at 10.5 percent at the end of 2020 and 8 percent in 2021. 

Minister Albayrak said, “We expect the budget deficit/GDP ratio to gradually decline over the program period, standing at 4.9 percent this year, 4.3 percent in 2021, 3.9 percent in 2022 and eventually dropping to 3.5 percent in 2023.” 

During his speech, Minister Albayrak also announced that since the beginning of the COVID-19 outbreak the support packages provided by the Turkish government has reached TRY 494 billion, and the loan facilities provided by state-owned banks has exceeded TRY 267 billion.

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