Turkey sees inflation easing to 9.8 per cent by end-2022

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Turkey sees inflation easing to 9.8 per cent by end-2022
Turkey sees inflation easing to 9.8 per cent by end-2022 (Provided by Financial World)

The Turkish Government of President Tayyip Erdogan had said in a so-called medium-term forecast released on Sunday that the long-hailed transcontinental nation had been anticipating its annual inflation rate to fall to a 9.8 per cent by end-2022, while the beleaguered economy that has long been wrestling a nefarious increase in inflation indicators, was expecting to conclude fiscal 2021 with a core inflation of 16.2 per cent.

According to data published in the country’s Official Gazette, Turk economy’s core inflation indicator stood at 19.25 per cent over past twelve months through August, while the country was expecting its core inflation to fall to 16.2 per cent by end-2021 as beforementioned.

Meanwhile, addressing to a cautious optimism over the economy’s growth momentum this year, the programme said, “Although there is an expectation of a slowdown in domestic demand in the remainder of the year...

the economy is expected to grow 9% with a balanced domestic and foreign demand composition”. Nevertheless, latest Government data came forth a week after official reading had unveiled that Turkish GDP growth had skyrocketed 21.7 per cent over second quarter of the year compared to the same time a year earlier, sharply clawing back from last year’s steep slowdown mostly stemming off a pandemic-led restriction on activities.

Turkish economy sets to grow by 9% in 2021

According to Turkish Government’s so-called medium-term programme which usually delivers an approximated economic outlook, Turkish economy has been set to report a GDP (Gross Domestic Product) growth of 9.0 per cent by end-2021, however, the growth momentum would unlikely to last deeper into 2022 and the economy might witness a in decline in growth by 5.0 per cent next year.

The forecasts released in Turkey’s Official Gazette, also had added that the country’s inflation could fall further to 8.0 per cent and 7.6 per cent in 2023 and 2024 respectively, while GDP growth is expected to hover at 5.5 per cent in both 2023 and 2024.