Mehmet Şimşek evaluates new economic data: 'We are seeing positive effects'

Minister of Treasury and Finance Mehmet Şimşek evaluated the balance of payments and labor force data for June.

Stating that the annual deficit was 24.8 billion dollars in June, when the monthly current account balance posted a surplus, Şimşek commented, "We expect the ratio of the annual current account deficit to national income to decline to approximately 2.2 percent in the second quarter and below 2 percent in the third quarter."

Mehmet Şimşek stated that in addition to the positive results of the program in rebalancing and disinflation, they are also seeing short-term negative effects on the labor market.

Minister Şimşek noted the following on his social media account:

"In June, when the monthly current account balance posted a surplus, the annual deficit stood at 24.8 billion dollars. We expect the ratio of the annual current account deficit to national income to decline to approximately 2.2 percent in the second quarter and below 2 percent in the third quarter.

In addition to the positive results of our program in rebalancing and disinflation, we are seeing short-term negative effects on the labor market.

The unemployment rate rose to 9.2 percent in June, but we anticipate a lower and single-digit unemployment rate this year compared to the MTP (Medium Term Program).

We are implementing our program with determination to ensure permanent prosperity growth. The quality of the labor market is as important as its quantity. In this context, we are focusing on structural reforms that prioritize productivity growth, the strengthening of human capital, and digital transformation."

News Source: 12punto