Assessment of the economy from Treasury and Finance Minister Mehmet Şimşek

Treasury and Finance Minister Mehmet Şimşek made assessments regarding Turkey's economic situation, stating that despite the contraction in industrial production, the labor market continues to remain strong. He predicted that economic activity would be positively affected in 2024 by more supportive global financial conditions and improving confidence.

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Assessment of the economy from Treasury and Finance Minister Mehmet Şimşek

Minister of Treasury and Finance of the Republic of Turkey Mehmet Şimşek stated that industrial production experienced a limited contraction in the first ten months of the year due to weak external demand, but that the labor market has maintained its resilience.

Minister Şimşek stated that employment has increased by over 1 million in the last year and that the seasonally adjusted unemployment rate was 8.8 percent in October.

As a result of the short-term effects of the program we are implementing and weak external demand, industrial production contracted limitedly in the first ten months of the year.

Despite this development, the labor market maintains its resilience. Employment has increased by over 1 million in the last year. The unemployment rate is seasonally adjusted… pic.twitter.com/qSfdVf4JQQ
— Mehmet Simsek (@memetsimsek) December 10, 2024

Minister Şimşek stated that they expect global financial conditions, trade growth, and commodity prices to be more supportive for Turkey next year.

Furthermore, he expressed that they anticipate that improving confidence in the real sector and more favorable domestic financial conditions brought about by disinflation will positively affect economic activity.