2020 is important year for fighting inflation, says treasury and finance minister with 2022 target under 4.9%
Turkey started off well in 2020 with its growth rate to be able to exceed its target of 5% in the first quarter, the country’s treasury and finance minister said on Friday.
Turkey closed 2019 better than expected in terms of inflation, currency and growth, Berat Albayrak said in the Kahramanmaras province located in Turkey’s southeast.
The country aims to grow 5% in 2020, 2021 and 2022 with its economic program it released last September.
Economic figures including CDS risk premiums, the Purchasing Managers’ Index and exports posted recoveries in the last quarter of 2019 and in 2020.
The Turkish economy began contracting in the last quarter of 2018 until the second quarter of 2019. It posted growth of 0.9% in 2019’s third quarter.
Albayrak stressed that fighting inflation was one of Turkey’s priorities, predicting it would reach its target of 4.9%.
The country’s economic program shows inflation targets of 8.5% in 2020, 6% in 2021 and 4.9% in 2022.
He underlined that Turkey, which saw inflation of over 25% in 2018, closed 2019 with 11.8% inflation.
“2020 is an important year, especially for fighting inflation,” he added.