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Turkey unveils new economic program for 2021-2023

- Country's new economic program based on themes of new stabilization, new normal, and new economy

home > Invesments, Stock Market 30.09.2020 09:19

Turkey unveils new economic program for 2021-2023

Turkey on Tuesday announced its new economic program for 2021-2023 based on themes of new stabilization, new normal, and the new economy, aiming to build a sustainable growth model.

Speaking at the launching ceremony of the program in Istanbul, Treasury and Finance Minister Berat Albayrak said the government considers the main themes as a separate challenge.

Stating the new stabilization means eliminating the negative effects of the pandemic on macroeconomic balance and financial stability, restoring internal and external balance, reducing inflation to a single digit permanently and closing the current account deficit.

Albayrak also noted during the stabilization period, the financial measures that were put into effect due to the pandemic will be phased out gradually.

Steps to eliminate the economic fallout due to coronavirus will continue in the coming days and weeks, contributing to both financial stability and macroeconomic goals, he emphasized.

- New normal

Noting that the ways of doing business, behaviors and preferences in the economy are reshaping, Albayrak said:

"In order to make our economy adapt to this process, accelerating digital transformation, extending e-services to all areas of life, producing new financial solutions and creating new working models are obligatory."

He also said the government will implement competitive, technology- and efficiency-oriented strategic reforms to reduce vulnerabilities in inflation and current account balance.

"In this context, we will implement an innovative, high value-added, export-oriented, people-oriented and inclusive development model," he stressed.

- Program's targets

Explaining the details of program Albayrak said the Turkish economy is projected to grow 0.3% this year.

The economic growth is expected to hover around 5% in 2022 and 2023, and to reach 5.8% in 2021 after deferred consumption and investments put into use and tourism revenues normalize.

"To reach our growth targets, we will focus on exports, value-added production, and employment as we've always done," Albayrak said.

The unemployment rate is projected to reach 13.8% this year and 12.9% next year, according to the program.

Albayrak said the unemployment rate will gradually drop to 10.9% by 2023.

The government will implement policies for economic recovery during the post-pandemic period to support the labor market, he said.

Pointing to the importance of reducing inflation permanently to single digits for setting price stability, Albayrak said the program targeted a 10.5% inflation rate for this year.

"Inflation rate is forecast to stand at 8% by the end of 2021, and drop to 4.9% by the end of the program," the finance minister stressed.

Stressing that the country started the year with a current account surplus, Albayrak said.

“But we will close the year with a current account deficit due to the unexpected contraction in tourism revenues and the rapidly increasing net gold imports in line with global gold demand."

Albayrak noted that coronavirus reduced tourism revenues by $25 billion and spurred the net gold imports by $12 billion.

"Excluding these temporary effects, we calculate that we have a current surplus of $12.4 billion in 2020, that is 1.7% of our national income," he said.

According to him, Turkey, despite pandemic, still has a strong balance sheet compared to other countries across world.

"We also expects budget deficit ratio to GDP to decline gradually throughout 2021-2023 to reach 3.5% by end of program period," he said.

- Possible risks to growth

Underlining that the government does not ignore possible risks to growth, Albayrak said: "We are maintaining our cautious stance."

In this context, he added, when a pessimist scenario is considered in which the pandemic-related restrictions are put in place again, “we assess that our economy can contract by 1.5% in the whole of 2020, and that it can grow by 3.7% in 2021, remaining 2.1 points below the Program's forecast.”

Commenting on the data, Erhan Aslanoglu, an economy professor at Istanbul-based Piri Reis University, said the program also includes negative scenarios, a positive aspect in terms of showing the government's awareness of the uncertain environment in the global economy.

Emphasizing on development rather than growth in the program is a positive thing, he said.

Yet, he added, what is the pathway for supporting the value-added production remains still unclear and that the program contains optimistic inflation targets “given the current conditions of the economy.”

By Aysu Bicer and Tuba Sahin

Anadolu Agency

energy@aa.com.tr


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22.04.2020 Renewable , Solar , Invesments , Turkey , Asia

EU cooperates with Turkey against coronavirus

- Trade activities should continue regardless COVID-19 outbreak, says head of EU delegation to Turkey
11.04.2020 Invesments , Energy Diplomacy , Turkey , Europe

European assoc. demand adding Green Deal in recovery plans

- European energy industry associations warn pandemic measures bring Europe’s economy "near-to-complete standstill"
02.04.2020 Invesments , Europe

Moody's changes Shell's outlook to negative

- Negative outlook reflects impact of collapsing oil prices on Shell's financial profile in 2020, rating agency says
02.04.2020 Upstream , Invesments , International Organization , Europe

MENA oil exporters to see $192B income fall in 2020: IIF

- Quarantines, disruption in supply chains, travel restrictions, business closings point to recession in MENA region
30.03.2020 Downstream , Invesments , International Organization , Middle East-Africa

Saudi Aramco income higher than 12 oil giants in 2019

- Saudi Arabia's national oil company had net income of $88.2B, while 12 oil majors' combined earnings were $63.9B
31.03.2020 Upstream , Invesments , Middle East-Africa

Oil up with G20's $5 trillion pledge, weak US dollar

- G20 undertaking 'immediate and vigorous measures' to support economies, sectors most affected by virus
27.03.2020 Downstream , Invesments , International Organization , Americas

Coronavirus, crude oil crises to strain ratings: Fitch

-Effects of oil shock, coronavirus will outlive, hitting especially travel, tourism sectors, says agency
25.03.2020 Projects , Invesments , Stock Market

Covid-19 and oil shock to hurt ratings: Moody's

- Disruption of economic activity to last through June, but some recovery expected in second half of 2020, agency says
25.03.2020 Downstream , Invesments , Americas

Banks funnel $2.7T to fossils, snubbing climate crisis

- Four U.S.-based international banks account for 30% of total financing of fossil fuels, report reveals
19.03.2020 Oil , Invesments

Saudi Aramco posts $88.2 billion net income in 2019

- Net income down 20.6% year-over-year, while Brent price falls 9.6% during that period
17.03.2020 Upstream , Invesments , Middle East-Africa

Turkey has many incentives to scale up battery storage

- Renewables and electric vehicle expansion are main drivers for establishment of Turkey's storage market, DNV GL expert says
17.03.2020 Electricity , Projects , Invesments , Turkey

Turkey to start local solar cell production on June 15

- Turkey's first solar cell integrated factory set to produce components for 1 GW solar plant in its first three years
14.03.2020 Renewable , Solar , Invesments , Turkey

Coronavirus, oil shock to strain MENA region: Fitch

- Rating agency estimates oil price drop of $10 a barrel will affect government revenues by 2% to 4%
11.03.2020 Downstream , Invesments , Middle East-Africa

Low oil prices increase financial risks: Moody’s

- International credit rating agency says it expects oil, gas companies to actively manage their liquidity in 2020
11.03.2020 Downstream , Invesments , Americas

Norway's sovereign fund invests over $800M in Turkey

- As at the end of December 2019, fund has over $800B in investments in 53 different Turkish firms, including six in energy
05.03.2020 Natural Gas , Invesments , Turkey , Europe , General

Norway wealth fund earns record $180 billion in 2019

- Norway’s fund makes 19.9% return on investment last year, earning highest annual return in kroner in fund's history
28.02.2020 Invesments , Stock Market , Europe , General

Turkey's 3rd drillship from UK expected on March 17

- According to Turkey's Energy and Natural Resources Minister Fatih Donmez on Feb. 26, vessel is en route to Turkey
28.02.2020 Natural Gas , Invesments , Turkey , General

Microsoft invests $1.1B in Mexico

- Funds will go toward creating new data center, education, AI projects
21.02.2020 Invesments , Americas , General

Rosneft income increases 50% in fourth quarter of 2019

- Revenue rises 6.3% from final quarter of 2018
20.02.2020 Upstream , Upstream , Invesments , Eurasia

Solar is key in cutting Turkish gas imports: GENSED head

- 1,000 megawatts of installed capacity in solar energy will prevent $110 million of Turkey's imported gas: Solar Energy Head
21.02.2020 Solar , Invesments , Energy Projects , Turkey

EU invests over €100 million in climate neutrality

- The fund will be used in 10 large-scale environmental and climate projects in nine EU member states
18.02.2020 Invesments , Europe

Many countries eye dealership of Turkish-made car

- Offers mostly come from Gulf countries, Central Asian countries and Germany, says Turkish industry and technology minister
14.02.2020 Invesments , Turkey

Coronavirus to delay global recovery, cause oil surplus

- World GDP may contract by 1% in 1Q20, which would be first quarter-to-quarter contraction since 1Q09
14.02.2020 Downstream , Invesments , Energy Security , Asia

Trump proposes $188 million for offshore energy budget

- $26.5 million assigned to advance offshore renewable development
13.02.2020 Wind , Invesments , Americas

Turkish, US businesses to meet in Washington in April

- Bilateral meeting to focus on energy, infrastructure and construction, digital economy, tourism, defense industry
11.02.2020 Invesments , Turkey , Americas

BP increases hydrocarbon production in 4Q19

- Underlying replacement cost profit falls 25.7% in final quarter, declines 21.2% for full year of 2019
05.02.2020 Upstream , Invesments , Europe

Pakistan Stock Exchange loses 1,200 points

- Latest dive linked to high inflation reading and global equities slump
04.02.2020 Finance , Invesments , Stock Market , Asia

Turkey, Ukraine pledge steps to boost economic ties

- Turkish President Erdogan says Turkish contracting sector signed 184 projects worth total of $6.3B in Ukraine
04.02.2020 Finance , Invesments , International Relations , Turkey , Asia

Uzbekistan's gas production down 1.6% in 2019

- Central Asian country expects to increase gas production to 66 billion cubic meters per year in 2020
31.01.2020 Natural Gas , Oil , Invesments , Energy Security , Energy Projects , Asia

Saudi Aramco invests $5 million in blockchain firm

- By using blockchain technology, the firm aims to further develop its trading platform and expand into new markets
31.01.2020 Downstream , Invesments , Middle East-Africa

Oil revenues under threat for 1.3M Libyans: NOC head

- National Oil Company will not receive requested budget, which means billions less for Libyan people in future, Sanalla says
28.01.2020 Downstream , Invesments , Energy Projects , Middle East-Africa

Turkey set to break 2019 record in gold output in 2020

- Turkey has gone from zero production in 2000 to become the biggest producer in Europe: Turkish Gold Miners Assoc. President
28.01.2020 Projects , Invesments , Turkey

EIB loans €27M to Spain's Arteche for power innovation

- Arteche Group will focus on development of new technologies, solutions and products for the electric power industry
23.01.2020 Electricity , Invesments , Europe

Foreign investors eye Turkish start-ups

- Turkey has strategic location, impressive start-up scene, CEO of UK-based corporate advisor firm says
18.01.2020 Finance , Invesments , Turkey

S. Aramco nets extra $3.8 bln. after greenshoe option

- Aramco’s IPO is now worth $29.4 billion overtaking previous record holder; Chinese Alibaba
14.01.2020 Oil , Projects , Invesments , Energy Security , Energy Projects , Middle East-Africa

Danish firm to produce wind equip. with Turkish partner

- The joint venture company "Resolux Turkey" will begin production of wind turbine tower internals by end of January
08.01.2020 Renewable , Wind , Invesments , Turkey , Europe

Turkey's gold production breaks record in 2019

- Gold output rises 40% from 2018 to 38 tonnes, breaking previous record set in 2013
03.01.2020 Invesments , Turkey

We will have a say in future technology: Turkish leader

- President Erdogan reiterates Turkey’s determination to lead the way in cutting-edge technological innovation
01.01.2020 Invesments , Turkey

Turkey spearheads major high-tech developments in 2019

- Government takes major steps in technology, supports private sector, educational activities over course of year
31.12.2019 Invesments , Turkey

Highlights of Turkish energy market in 2019

- E. Med. drilling, completion of TurkStream and of Akkuyu NPP foundation, TANAP's Europe leg opening were hot topics in 2019
23.12.2019 Natural Gas , Oil , Renewable , Projects , Invesments , Energy Diplomacy , Energy Projects , Turkey

OPEC cuts disrupt planned oil projects worldwide

- 'Each time OPEC announces a cut, it affects planned projects across globe,' Dateline Energy Services CEO in Nigeria says
14.12.2019 Upstream , Invesments , Energy Projects , Middle East-Africa

EBRD to work on environmental action plan in Izmir

- The action plan involves investment program addressing the city’s most pressing environmental challenges
12.12.2019 Invesments , Turkey , Europe

Japan's Hamax to produce wind equipment in Turkey

- Turkey offers best location for selling products domestically and for expansion into European market: Hamax CEO says
11.12.2019 Renewable , Wind , Projects , Invesments , Turkey , Asia

Iran needs investments to capitalize on new oil field

- World's third largest oil field in Khuzestan when operational will make Iran even stronger competitor to Saudi Arabia
11.12.2019 Oil , Invesments , International Relations , Energy Projects , Middle East-Africa

Turkey's fund to build $10B petchem & refinery facility

- Refinery in Ceyhan will help reduce Turkey's current account deficit by $1.5 billion annually
04.12.2019 Invesments

Oil giants' total income declines 56% in third quarter

- Top oil companies' total net income falls to $14.24 billion from $32.51 billion year-over-year
03.12.2019 Upstream , Invesments , Europe , Americas

US Thanksgiving travel volume to be highest in 14 years

- 55 million people are expected to travel this Thanksgiving weekend
29.11.2019 Downstream , Invesments , Americas

Saudi Aramco retail subscription hits $8.69 billion

- Retail portion of Saudi Aramco’s initial public offering is fully covered at 102%
29.11.2019 Upstream , Invesments , Middle East-Africa

Turkey gets $350M in funding for efficiency investments

- Fund made available to 4 Turkish banks that have channeled financing to energy efficiency investments in Turkey since 2015
27.11.2019 Invesments , Turkey

Islamic bank, Turkey to expand cooperation

- Islamic Development Bank Group and Turkish officials to sign deals worth $500M+ next week in Istanbul
21.11.2019 Invesments , Turkey

'Economic Leaders' gathering launches in Spain

- Annual forum kicks off under 'new dawn for the Mediterranean' motto, discussing cooperation in energy, automotive sectors
21.11.2019 Invesments

Saudi Aramco's income higher than 9 oil majors combined

- Firm's earnings more than total of ExxonMobil, Chevron, ConocoPhillips, BP, Royal Dutch Shell, Total, Eni, Equinor, Rosneft
21.11.2019 Downstream , Invesments , Europe , Americas , Middle East-Africa
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