Following the Economic Coordination Board (EKK) meeting, a written statement was released, revealing plans for the implementation of structural reforms aimed at enhancing the competitiveness and efficiency of the economy through coordinated and decisive actions.
Chaired by Vice President Cevdet Yılmaz, the EKK meeting took place at the Presidential Complex in Ankara.
The statement highlighted that in the coming period, structural reforms to boost the competitiveness and efficiency of the economy with a focus on investment, employment, production, and export, in line with Turkey’s Century Vision, would be put into effect. It emphasized that effective and coordinated steps would be taken in this direction.
The announcement acknowledged the significant steps taken in 2023 towards combating inflation, ensuring fiscal discipline, balancing growth, reducing the current account deficit, and strengthening reserves. It pointed out that due to the determined efforts in fighting inflation, the year-end inflation for 2023 remained below the targets set in the Medium-Term Program (OVP).
Furthermore, the statement highlighted the positive impact of measures taken to restore fiscal discipline, resulting in the budget deficit-to-GDP ratio surpassing the levels anticipated in the OVP. The release also mentioned the record-breaking export performance in 2023, along with a continued reduction in the current account deficit, increased demand for Turkish lira assets, strengthened capital inflows, and the Central Bank’s reserves reaching their highest level in the history of the Republic.
Looking ahead to 2024, the statement outlined key priorities, including achieving more balanced and sustainable growth, continued employment growth, deflationary processes, increased productivity, ongoing improvement in the current account deficit, and the preservation of social welfare.
Regarding today’s EKK meeting, the statement included the evaluation of the progress in legislative efforts to regulate the cryptocurrency ecosystem. It emphasized that once the draft bill is enacted, one of the necessary conditions for Turkey to be removed from the gray list will be fulfilled.
Additionally, the statement discussed ongoing efforts to support the sustainability of public finances through governance reforms for Public Economic Enterprises (KİT) and outlined the steps to be taken in the upcoming period. It was decided that the finalized work on these reforms, coordinated by the Ministry of Treasury and Finance, would be implemented in 2024.
In conclusion, the statement stated, “In the upcoming period, within the framework of Turkey’s Century Vision, structural reforms aimed at enhancing the competitiveness and efficiency of our economy through our investment, employment, production, and export-focused approach will be implemented. In this context, structural reforms scheduled in the OVP calendar will be addressed and closely monitored in the EKK meetings to be held in 2024.”
The meeting was attended by H.E. Mehmet Şimşek, Minister of Treasury and Finance, H.E. Vedat Işıkhan, Minister of Labor and Social Security, H.E. Mehmet Fatih Kacır, Minister of Industry and Technology, H.E. İbrahim Yumaklı, Minister of Agriculture and Forestry, H.E. Ömer Bolat, Minister of Trade, H.E. Alparslan Bayraktar, Minister of Energy and Natural Resources, H.E. Hafize Gaye Erkan, Governor of the Central Bank, H.E. İbrahim Şenel, Head of the Presidential Strategy and Budget, H.E. Efkan Ala, Deputy Chairman of the AK Party, H.E. Abdullah Güler, Group Leader, and H.E. Nihat Zeybekci, Deputy Chairman of the AK Party, along with representatives from relevant institutions and organizations.
source: aa.com.tr / prepared by Melisa Beğiç