Cevdet Yılmaz gives a date for the decline in inflation: Hopefully, we will reach single-digit figures

Vice President Cevdet Yılmaz met with business people at the "Bingöl Tourism Workshop" held at the Chamber of Commerce and Industry as part of his contacts in Bingöl.

Yılmaz then visited the AKP Provincial Presidency and addressed party members.

"WE WILL ENTER A MORE COMFORTABLE PERIOD STARTING FROM 2025"

Touching upon the economic crisis, Yılmaz stated that a major earthquake occurred, causing great destruction, and that 11 provinces and approximately 14 million citizens were affected by it.

Expressing that they are working to get all provinces back on their feet, Yılmaz continued his words as follows:

"This year, 762 billion liras have been allocated from our budget for the earthquake zone. We have set aside 1 trillion 28 billion liras in our budget for the earthquake zone for next year. We will experience the difficulties of this both this year and next year. Starting from 2025, we will have entered a more comfortable period and healed the wounds of the earthquake. In this sense, Turkey will also be prepared for future earthquakes with a stronger structure. This is ultimately an investment. We are rebuilding the houses there, repairing the infrastructure, and striving to revitalize socio-economic life. All of these will prepare Turkey and our earthquake regions for the future in a much stronger way. Within 3-4 years, we will have spent more than 3 trillion in resources for our earthquake region."

"HOPEFULLY, WE WILL REACH SINGLE-DIGIT FIGURES IN 2026"

Stating that inflation is a fundamental problem for citizens, Yılmaz said that Turkey has been very successful in terms of growth over the last 3 years.

Yılmaz said, "While the total global growth over 3 years was 7 percent, I am speaking in compound terms, it was 20 percent in Turkey. Our economy grew by 20 percent in real terms in 3 years. We created more than 6 million jobs. Our exports rose from 170 billion to 255 billion dollars. We were successful in real terms, but we are facing the issue of inflation on the financial side, and we certainly see this as a problem. Because it is a problem experienced by our citizens. On one hand, we are trying to reduce inflation, and on the other, we are trying to maintain a certain growth momentum. Meanwhile, we are implementing a number of measures to protect the purchasing power of the broad masses affected by inflation."

Expressing that they will continue on their path with such a comprehensive approach, Yılmaz stated that they have made their plans and programs regarding this matter as well.

Noting that they are conducting very detailed studies, Yılmaz said:

"Starting from the middle of next year, we will begin to see annual declines in inflation. We have started to see declines on a monthly basis. The monthly increases of last summer are no longer there. We are heading towards lower figures, but we will see the annual effect starting from the middle of next year. Hopefully, we will reach single-digit figures in 2026. You can break and destroy everything and lower inflation very quickly. But as you would appreciate, this would not be the right approach. We will both lower inflation, maintain a certain social balance, and continue to grow our economy at a certain level. We are implementing the policies for this."

Yılmaz stated that while doing this, they are continuing the struggle with an understanding that considers social segments and the working class, and emphasized that there is an improvement in the general macroeconomic situation.

Explaining that they have managed to keep budget deficits related to the earthquake at a certain level and have taken measures accordingly, Yılmaz stated that they have reduced risks in this regard as well.

"There is a rate called CDS. CDS is a country's risk premium. This had risen to around 700 last May; at the point we have reached today, it has fallen to around 360. In other words, Turkey is now moving towards a much more stable point in financial terms as well, but this is a process. In this process, we will continue to get results by patiently implementing the right policies." Yılmaz said, adding that he believes they will achieve results by managing the government, ministries, the Central Bank, monetary policies, fiscal policies, and reforms in a coordinated and integrated manner.