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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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29.12.2021 Projects , Invesments , Turkey

Turkish renewables sector attracts $2.5B in financing this year led by solar

- Clean financing in 2021 is expected to be around 20% higher than annual average between 2002 and 2020
07.12.2021 Renewable , Invesments

IEA expects all-time record in renewable installations globally in 2021

- Renewable electricity growth accelerates faster than ever but further deployment is needed across all key sectors, report says
02.12.2021 Renewable , Wind , Solar , Invesments

$812 million finance deal signed for Turkey's largest solar power plant

- Currently, 550 megawatts of installed capacity is completed for Karapınar Solar Power Plant Project
01.12.2021 Solar , Projects , Invesments , Energy Projects , Turkey

Germany's E.ON to invest €27 billion for energy transition up to 2026

- Decarbonization of Europe's economies places energy industry at threshold of key decade of growth, company CEO says
24.11.2021 Renewable , Finance , Invesments , Europe

Turkish BDY Group acquires Swiss company's LPG terminal in Black Sea

- Turkish company in negotiations for new acquisitions in various sectors, head company official says
22.11.2021 Lng/Lpg , Invesments , Turkey

Canada's Valeura to resume drilling in Turkey in 2022: CEO

- 'We have always been excited about investments in Turkey', says CEO
19.11.2021 Natural Gas , Invesments , Turkey , General

Saipem contracted to transport, install pipeline in Turkey's Sakarya Gas Field

- Saipem awarded two new offshore contracts for transportation and installation activities for a total amount of over $600 million
17.11.2021 Natural Gas , Projects , Invesments , Turkey

Developed countries failure to commit to climate finance 'disappointing', UNFCCC says

- More effort needed to reach $100 billion climate finance pledge, executive secretary of UNFCCC says
11.11.2021 Invesments , International Relations , International Organization , Europe , Asia

General Electric to split into aviation, health care, energy firms

- Companies to be run independently, better positioned to deliver long-term growth, GE says
10.11.2021 Electricity , Invesments , Europe , Americas

Turkey’s Arcelik secures €150M EBRD loan for green manufacturing

- Loan to support green investment program, finance upgrades at company’s 2 plants
10.11.2021 Electricity , Invesments

US Congress passes Biden's $1.2T infrastructure plan

- Major win for president after months of wrangling inside his party
07.11.2021 Invesments , Americas

LNG terminals key for hydrogen, says Gas Infrastructure Europe

- Gas infrastructure will be key for cleaner world, says Deputy Secretary General of GIE
03.11.2021 Lng/Lpg , Invesments , General

World in midst of 'uneven and unsustainable' economic recovery, IEA says

- Clean energy spending is highly imbalanced geographically with most of it in advanced economies rather than developing world
29.10.2021 Invesments

1,485 institutions globally divest from $39.2 trillion worth of fossil fuels

- Divest-invest movement amasses power to shift politics and finance on climate crisis, a new report says
28.10.2021 Coal , Invesments

Turkey has rapidly become leading wind market: Vestas

- In Turkey we see good potential for growth, says company's Turkey head
23.10.2021 Wind , Invesments , Turkey , Europe , General

Clean energy investments need to more than triple by 2030 to curb emissions

- New energy economy is emerging but not yet quickly enough to reach net zero emissions by 2050: IEA's World Energy Outlook 2021
14.10.2021 Renewable , Wind , Solar , Invesments

Southeast Asia needs $2T over next decade for green economy

- Less than 1% of that amount deployed to green businesses, infrastructure assets in 2020, report says
01.10.2021 Projects , Invesments , Asia

Investment consultants advising on $10 trillion assets launch net zero initiative

- Initiative signatories commit to support their clients in achieving global net zero emissions by 2050
21.09.2021 Invesments

Over $1T at risk unless oil, gas firms align business to 1.5°C Paris target

- Companies need to plan for major cuts in production by 2030s, a new Carbon Tracker report reveals
10.09.2021 Natural Gas , Oil , Invesments , World

Turkey poised to become LNG bunkering hub with new tri-party agreement

- Tri-party agreement will help Turkey become bunkering hub for LNG supplies in Eastern Mediterranean, says BOTAS official
09.09.2021 Lng/Lpg , Invesments , Turkey , Asia , General

Turkey's western Izmir province aims to be pioneer in offshore wind energy

- Izmir Dev. Agency initiates activities specified under Izmir Offshore Wind Energy Roadmap, the Agency's Sec. Gen. says
12.08.2021 Renewable , Wind , Invesments , Turkey

Governments need to halve emissions by 2030 to limit temperature rise to 1.5℃

- Scientists call for immediate, rapid and more ambitious plans to limit warming
11.08.2021 Invesments , Renewable , World , General

European Investment Bank signs advisory agreement with Hydrogen Europe

- Total investment in clean hydrogen in Europe is expected to reach €470 billion by 2050
30.07.2021 Invesments , Energy Security , International Organization , Europe

Shovel-ready renewable projects in Turkey to create 110,000 new jobs

- Visible pipeline of renewable projects create an investment volume of $19.4 billion in country, a new report shows
08.07.2021 Renewable , Invesments

EBRD announces full Paris Agreement alignment by end of 2022

- Low-carbon transition requires world economy to move in less than 30 years from 80% reliance on fossil fuels to net-zero model
02.07.2021 Renewable , Invesments

LNG sector faces delays to 26 export terminal projects globally

- Capacity of projects facing delays totals 265 million tonnes per annum
25.06.2021 Lng/Lpg , Invesments

Southeast Europe 2030 roadmap will back economic growth target: Turkey

- President Erdogan pledges to contribute to regional peace, stability, prosperity in future
18.06.2021 Finance , Invesments , Turkey

Sustainable energy unsuitable for crypto miners: expert

- Miners are ideal customers for fossil fuels, which are cheap and source of constant power, expert says
17.06.2021 Renewable , Invesments , Energy Security

G7 decisions short-sighted, insufficient to fight global crises: analysts

- Climate change and pandemic are crises that hit most vulnerable and need to be fought together, experts say
15.06.2021 Invesments

Turkey finalizes first phase of Turkey's biggest solar power plant

- Turkey launches Supervisory Control and Data Acquisition center at Karapinar Solar Plant in province of Konya
12.06.2021 Solar , Invesments , Turkey

Over $1T for clean power in emerging economies needed annually to achieve net zero

- IEA warns energy-related CO2 emissions in emerging economies to grow by 5 bln. tonnes in 20 years without stronger action
09.06.2021 Renewable , Invesments

EBRD and Green Climate Fund to boost climate action with new $1B program

- Financing will promote the uptake of low-carbon technologies in the industrial sector, statement from EBRD says
03.06.2021 Invesments

Global energy investments recovering but still not enough in clean energy

- As spending in energy sector rebounds towards pre-crisis levels this year, it remains far from net-zero pathway, IEA says
02.06.2021 Renewable , Invesments , World

Sustainable finance reaches record high in Q1, sets for further growth

- Changing policy and regulatory landscape to create a low-carbon economy drive surge in sustainable financing
19.05.2021 Renewable , Invesments

Turkey calls on investors to encourage electric boat, yacht production

- Country already ranks 3rd globally in production of superyachts in terms of number and length since 2010
17.05.2021 Invesments , Turkey , General

Turkey hopes for EBRD's support for new energy tech.

- EBRD is one of the most important international financial organizations for our country," says energy minister
05.05.2021 Renewable , Invesments , Energy Diplomacy , Turkey

Turkey, TRNC ink oil, electricity cooperation protocols

- Turkey considers energy supply security of Turkish Republic of Northern Cyprus as similar to that of Turkey: Energy minister
30.04.2021 Electricity , Refining/Petro Chemistry , Invesments , Energy Diplomacy , Turkey

Cost of financing renewables shows significant fall

- In contrast to renewables, cost of financing coal power stations increases 56% over same 10-year period
20.04.2021 Wind , Solar , Invesments

Turkey to boost green bonds for more clean investment

- Legal framework is needed to increase volume of green bond issues which has high potential in Turkey, official says
20.03.2021 Renewable , Invesments

Turkey: public sector vital for getting energy invests.

- Energy transition is not only for fuels, but for institutions, markets and consumers: says Turkey's Energy Minister
18.03.2021 Renewable , Invesments , Turkey , General

Turkey announces landmark new economic reform package

- Reforms aim to boost investment, production, jobs, and exports, says President Recep Tayyip Erdogan
16.03.2021 Projects , Invesments , Renewable , Energy Projects , Turkey , General

Over $1T invested in coal despite trendy climate goals

- Financial institutions’ net-zero commitments are meaningless without immediate, far-reaching coal exit policies: new study
27.02.2021 Coal , Invesments

Aygaz enters LPG business in Bangladesh via new partner

- Thanks to partnership agreement with United Enterprises, Aygaz will be entering Asian markets, CEO says
21.01.2021 Lng/Lpg , Invesments , Turkey , Asia

Turkey allocates $18.5B for 2021 investments

- Transport and communications projects to take lion's share with $5.7B, followed by education with $2.66B
17.01.2021 Invesments , General

Venezuela open to foreign investment in oil sector

- In a bid to boost domestic output, government is welcoming foreign investment in sector, which has not occurred since 1990s
15.01.2021 Oil , Invesments , Americas , General

Turkey's gold production set to break records in 2021

- Despite pandemic, production target is achieved by prioritizing work safety and environmental responsibility
09.01.2021 Invesments , Energy Security , Turkey

Emerging markets attract $313B in 2020: IIF

- Portfolio flows stand at $45.9B in December, closing one of most volatile years, says Institute of International Finance
08.01.2021 Invesments

Turkey's Sabanci to invest $450M in wind over 4 years

- "We put sustainability and new technologies at center of investments and growth plans," high official at conglomerate says
16.12.2020 Renewable , Invesments , Turkey

Support mechanism key to Turkey’s renewables growth

- Renewable energy capacity additions this year to date set record high with over 4,200 megawatts
12.12.2020 Renewable , Invesments

Turkey to improve investment climate via structural reforms

- Turkish economy to expand by 0.3% in 2020, says country's treasury and finance minister
18.11.2020 Finance , Invesments , Turkey

European bank to deploy supply-chain finance in Turkey

- Supply-chain finance can provide lower financing cost, improve business efficiency, says EBRD director in Turkey
18.11.2020 Finance , Invesments , Turkey , Europe

Turkey to offer new opportunities to foreign investors

- Government to take confidence building measures, steps to stabilize markets
12.11.2020 Invesments , Turkey

Turkish energy savings equal to 18m households possible

- $54B investment needed for energy efficiency, electrification and energy distribution in next 10 years, says SHURA
14.10.2020 Electricity , Invesments , Turkey

Turkey: Investment demand rises despite pandemic

- Investment demand in 8 months of 2020 up by 30% compared to last year, says Turkish industry minister
03.10.2020 Invesments , Turkey

Turkey breaks ground on 1st lithium-ion battery plant

- Facility to contribute to Turkey's efforts for domestically-produced batteries to meet military needs
04.10.2020 Electricity , Invesments , Turkey

Libya aims to revive economic relations with Turkey

- Delegation from Libya to focus on restoring Turkish firms' confidence to resume activities, says head of business body
02.10.2020 Finance , Invesments , Turkey , Middle East-Africa

Turkey unveils new economic program for 2021-2023

- Country's new economic program based on themes of new stabilization, new normal, and new economy
30.09.2020 Invesments , Stock Market

Turkey's gas find could save up to $21B in import costs

- Actual savings could even be more as global gas prices and import costs are expected to rise in coming years: Rystad Energy
11.09.2020 Natural Gas , Finance , Invesments , Turkey

Turkey's 1st solar cell integrated plant starts ops.

- Factory will help eliminate nearly $100 million of solar panel imports per year, energy minister Donmez says
20.08.2020 Solar , Invesments , Turkey

Offshore wind sector to create nearly 1M jobs in 5 years

- Total of 17.3 direct jobs are created per megawatts of generation over 25-year lifetime of an offshore project, GWEC says
17.08.2020 Wind , Projects , Invesments , Americas

Rosneft income falls 77%, revenue down 51% in 2Q20

- Company has net loss of 113 billion rubles ($1.55 billion) in first six month of 2020
15.08.2020 Upstream , Invesments , Eurasia

Iran moves from oil to petrochemicals in export

- Country launches 3 major petrochemical projects worth $1.6B to boost non-oil revenue
10.08.2020 Refining/Petro Chemistry , Invesments , Middle East-Africa
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