Türkiye aims to increase the size of its economy to $2.2 trillion by the end of 2029.

Türkiye has set a target of increasing the size of its economy to $2.2 trillion by the end of 2029, creating 2.1 million additional jobs, and bringing inflation back down to single digits. According to the Emirates News Agency (WAM), the remarks were made by Türkiye’s Vice President Cevdet Yilmaz, Minister of Treasury and Finance Mehmet Simsek, and Head of Presidential Strategy and Budget Ibrahim Senel during a meeting with foreign media representatives held at the Presidential Complex in Ankara as part of the “2027–2029 Medium-Term Programme (MTP) International Media Meeting.” Cevdet Yilmaz said the government would build on the economic stability achieved since 2023 and further strengthen stability to support more sustainable growth and higher productivity.

He said economic growth is expected to reach 3.3% in 2026, gradually rising to 4.2% in 2027, 4.6% in 2028, and 5% by the end of the programmer. He said the government is targeting sustainable economic growth that is consistent with economic stability, boosts productivity and output, and does not create inflationary pressures.

Total factor productivity is expected to contribute around 1.2 percentage points to economic growth in 2026 and approximately 1.1 percentage points annually throughout the programmer. National income is expected to exceed $1.8 trillion by the end of 2026, while per capita income is projected to surpass $20,000 for the first time. By 2029, Türkiye’s gross domestic product (GDP) is expected to reach $2.2 trillion, while per capita income is projected to approach $25,000. Total exports of goods and services are expected to rise to $450 billion. Cevdet Yilmaz said this would be the first time Türkiye surpasses the $2 trillion threshold.

The government expects inflation to stand at 28.4% at the end of 2026, before falling to 21% in 2027, 13.5% in 2028, and eventually returning to single digits in 2029. Yilmaz said inflation, which peaked at 75.5% in May 2024, had begun a clear downward trend. However, supply pressures caused by regional conflicts temporarily slowed the pace of improvement.  He said annual inflation stood at 31.5% in August and is expected to resume its downward trend in the final quarter of the year.

Türkiye expects to create around 700,000 jobs annually, resulting in 2.1 million additional jobs over the course of the programmer and bringing the unemployment rate below 8%.Cevdet Yilmaz said job creation would certainly be supported by economic growth, but the government would not rely solely on economic growth. It would also implement labour-market reforms and active labour-market policies to boost employment.