Cevdet Yılmaz comments on inflation: He gives a date for the decline

Vice President Cevdet Yılmaz stated that budget deficit and current account deficit figures for 2024 will perform better than the Medium-Term Program (OVP) forecasts, while noting that they expect to see inflation fall below 50 percent in September. 

Yılmaz indicated that they will share the latest forecasts and targets in the new OVP they will publish in September. 

Here are Cevdet Yılmaz's statements;

"We are implementing our policies with strong political ownership and coordination, and we are achieving results. Looking at recent developments, the budget deficit and current account deficit for 2024 will materialize at much better rates than the OVP forecasts we shared last year. While our growth continues in a more balanced structure, our fight against inflation will be maintained on a much stronger foundation. Fiscal measures regarding spending, efficiency, and revenue, along with dynamic trade policies, are reducing our risks while also supporting our disinflation policies.

We expect to see inflation rates approaching 50 percent in August and falling below 50 percent in September. Our latest forecasts and targets regarding these rates will be included in the updated OVP that we will share with the public in September.

Our technical work for the OVP, which will cover the 2025-2027 period, continues with our institutions, primarily the Presidency of Strategy and Budget and our Ministry of Treasury and Finance. On the other hand, we are implementing a participatory approach in consultation with relevant sectors. We plan to complete this picture with structural transformations during the four-year election-free period, which we consider a golden opportunity and a historic window of opportunity for our country. We will continue our path with green and digital transformation in areas ranging from industry to agriculture, tourism to services, and energy to logistics. While reaching new levels in education and health, we will continue our reforms aimed at increasing trust and speed in the field of justice, which we see as the 'foundation of the state.'

We will protect the peace of our people through effective technologies and institutional structure in the field of security, which is of indispensable importance on the path of democracy and development. We will succeed with our unique location, our effective and peaceful foreign policy, and our innovative and entrepreneurial population. In the Century of Turkey, we will realize our goals one by one with strong leadership, experienced staff, national unity, and political stability. Our goal is to carry our country into the future in a stronger way in every field and to increase the welfare of our people. Despite difficult global and regional conditions, we are determined to grow in stability and to permanently increase our social welfare."