Türkiye expects GDP growth of 3.3% in 2025, 5% in 2028, medium-term program shows

ISTANBUL

Türkiye aims to increase its gross domestic product (GDP) by 3.3% in 2025, 3.8% in 2026, 4.3% in 2027, and 5% in 2028, according to the country's medium-term program (MTP) for 2026-2028, released on Monday.

Inflation is expected to be 28.5% by the end of this year, 16% in 2026, 9% in 2027, and 8% in 2028, according to the MTP, which was published in the country's Official Gazette.

The budget deficit is projected to be 3.5% of the country's GDP in 2026 and 2.8% at the end of the program period.

The unemployment rate will be 8.5% at the end of this year, with a target of 8.4% for next year, 8.2% for 2027, and 7.8% for 2028.

Exports are expected to reach $273.8 billion by the end of 2025, with targets of $282 billion in 2026, $294 billion in 2027, and $308.5 billion by the end of the program.

Imports are projected to reach $367 billion by the end of this year, $378 billion in 2026, $393 billion in 2027, and $410.5 billion in 2028.

The MTP aims to enhance predictability for both the public and private sectors by establishing macroeconomic targets based on global, regional, and national economic developments, as well as economic and social policies.

The program aims to improve macroeconomic and financial stability, maintain fiscal discipline, and ensure price stability by reducing inflation to single digits.

Cevdet Yilmaz, deputy president of the country, said in a press conference in the capital Ankara that with the policies pursued and the gains achieved, Türkiye's economy will be in a much stronger position by the end of the MTP period.

He said by the end of 2028, the country will have built an economic structure with lasting macroeconomic stability and sustainable growth.

For the first time, Türkiye's GDP will approach $1.9 trillion, and per capita income will reach $21,000 at the end of the MTP period, he stressed.

He noted: "Our tourism revenues will reach $75 billion, unemployment will be reduced to below 8%, and price stability will be permanently achieved with single-digit inflation.

"Within the framework of inflation targeting, monetary policy will continue to be supported in full harmony with fiscal and revenue policies."