Mehmet Şimşek gives a new date for inflation!

Treasury and Finance Minister Mehmet Şimşek made significant remarks at the UK Public Meeting organized by the Union of International Democrats (UID) in London. Şimşek stated that discipline in public spending has been achieved in Turkey and that they have reduced the ratio of expenditures under the savings circular to the budget from 4.6 percent to 3 percent.

Minister Şimşek announced that they aim to bring Turkey's inflation rate down to 31 percent by the end of this year and below 20 percent next year. "With the macro-stability and reform program we are currently implementing, we aim to make Turkey grow much stronger and faster," said Şimşek, adding that low debt levels will contribute significantly to Turkey's industrial, digital, and green transformation.

2026 AS THE YEAR OF REFORM

Stating that 2026 will be a "year of reform" for Turkey, Şimşek said that intensive work is being carried out to raise Turkey's democratic standards and strengthen the principle of the rule of law. Şimşek expressed that these reforms will make Turkey's future brighter and greater in terms of potential.

Mehmet Şimşek noted that Turkey's share of global GDP has doubled since 2002, rising from 0.7 percent to its current level, and provided information regarding Turkey's global trade targets. Şimşek announced that negotiations for a comprehensive free trade agreement between Turkey and the UK have reached the final stage and that this agreement will cover not only industrial goods but also services, public procurement, and agricultural products.

GOAL OF STRONG INTEGRATION WITH THE EU

Şimşek stated that they expect trade with the European Union (EU) to reach 230 billion dollars this year and that they aim to further advance relations with the EU. "We are their fifth-largest trading partner outside the EU, and we are pursuing stronger economic integration with the EU," he said.

PRICE STABILITY AND THE FIGHT AGAINST INFLATION

Minister Şimşek emphasized that Turkey's priority is to ensure price stability and that they aim to bring inflation back down to single-digit levels. Recalling that the inflation rate fell to 44 percent last year, Şimşek said, "We expect inflation to drop to around 31 percent by the end of this year. We aim to reduce inflation to 20 percent or below next year. We plan to reach single-digit levels the following year."

News Source: 12punto