27.11.2025 23:10
The Vice President Cevdet Yılmaz stated, "Inflation has once again entered a downward trend. We can predict that this month's inflation will come in at a good level based on leading indicators."
Vice President Cevdet Yılmaz attended the ASO 62nd Anniversary Award Ceremony organized by the Ankara Chamber of Industry (ASO) at a hotel. Speaking here, Yılmaz stated that the growth of the world economy is below historical averages, and that world trade is growing even slower than that, mentioning that both wars and trade wars are being experienced.
"OUR ECONOMY RECORDED AN ANNUAL AVERAGE GROWTH OF 5.4%" Pointing out that the policies of major economic actors such as the USA, China, and the European Union need to be closely monitored and that Turkey should be strategically positioned accordingly, Yılmaz said, "In this state of the world, the Turkish economy has grown much faster than the world over the last 22-23 years. While the world grows at an average of 3.5%, our economy recorded an annual average growth of 5.4%. We grew 1.9 points more than the world every year. This is an important achievement."
Yılmaz expressed that they expect the Turkish economy to grow by 3.3% this year, stating: "This year, our economy will surpass the level of 1.5 trillion dollars. Twenty-two to twenty-three years ago, we had an economy of 238 billion dollars. This year, hopefully, we will see an economic size exceeding 1.5 trillion dollars. As of last year, we are the 17th largest economy in the world in nominal dollar terms. We are the 12th largest economy according to purchasing power. If the IMF's forecasts for countries around the world materialize this year, Turkey will become the 16th largest economy in the world in nominal dollar terms. According to purchasing power parity, we will be the 11th largest economy if the IMF's forecasts materialize.
On the other hand, the World Bank has a classification. They divide countries into four groups: low-income countries, lower-middle-income countries, upper-middle-income countries, and high-income countries. If you ask, 'What has Turkey achieved in the last quarter-century?' Turkey has risen from lower-middle-income to upper-middle-income and has become permanent here. Now, especially this year, we are at this critical threshold. In light of this year's developments, Turkey will become one of the high-income countries for the first time according to World Bank calculations. For the first time, we will take a step into the league of high-income countries, even if it is from a lower tier. But this is a more challenging period. It is important to be permanent here and to progress. This requires a qualitative change beyond numerical transformations. You cannot stay in this league just by increasing the numbers. You need to transform your institutions. Reforms need to be made. Not just as a state, but with all elements including firms, the public, and civil society, our country needs to undergo a transformation process."
"WE WILL MAKE TURKEY PERMANENT IN THIS LEAGUE" Yılmaz emphasized that their top priority is inflation, stating that they are following a decisive and comprehensive policy on this issue. Reminding that inflation reached 75% in May of last year, peaking at the highest level, Yılmaz continued: "Since that date, the disinflation process has continued. It recently came down to a figure of 32.9%. In other words, inflation has decreased by approximately 43 points. However, we have not yet been able to improve expectations among households and the real sector to the extent we desire. There is an improvement there, it is going backwards, but we are not yet where we want to be. Currently, it is at 32.9%. In September, it was slightly above expectations due to food prices. Because in the same year, we experienced both frost and drought. This development in agriculture pulled our growth down a bit and raised food inflation somewhat. However, we are observing this especially in October and this November as well. Inflation has entered its main trend again, on a downward trend. We can predict from leading indicators that this month's inflation will also come in at a good point. Therefore, I can say that inflation is returning to the desired path. We will close this year with inflation slightly above 30%."Gelecek seneki hedefimiz yüzde 20'nin altına indirmek, 2027'de ise hedefimiz tek haneli rakamlara ülkemizi yeniden kavuşturmak. "
"WE HAVE MADE VERY IMPORTANT PROGRESS" Yılmaz stated that they value the real sector and protected it during the pandemic, and noted: "Our President really followed a very wise policy during that process. Agriculture and industry did not stop in Turkey during the pandemic. The wheels kept turning, and the system did not break down. Many countries made this mistake and are still paying the price for it. We did not do that. Now we are in the process of fighting inflation. There may be some temporary difficulties. Every program has some effects, side effects. There is no program without side effects. But what is important? We need to tolerate what we experience in the short term for long-term benefits. We will reduce inflation so that our private sector can grow in a much more predictable, healthy, and sustainable environment. We have made very important progress. The 30% threshold. In the coming period, hopefully, we will surpass this and create a much more favorable economic environment."
"WE HAVE TRANSITIONED TO A NEW INCENTIVE SYSTEM" Reminding that COP31 will be held in Turkey next year, Yılmaz stated that the private sector needs to prepare well for COP, thus bringing many issues from energy transformation to water issues, and green finance to the agenda of Turkey, and that the industry can gain international resources, technologies, and opportunities.
Yılmaz noted that the share of high technology in Ankara's exports is 13.3%, even higher than that of developed countries, and made the following assessment: "In the new incentives, we have transitioned to a new incentive system called the Local Development Initiative. We determine 4 priority topics for each province every year. We say, 'Each province has its own advantages.' This will continue to differentiate in the coming years. The 4 areas we have identified for Ankara this year are as follows: production of medical enzymes and dyes, value-added food supplements from plant sources, recycling of electrical and electronic waste, and domestic production of medical products and packaging. A total investment proposal of 5.4 billion liras has been received in these 4 areas. Hopefully, Ankara will succeed in these as well and continue with new initiatives."
Recalling the launch of Turkey's first hyperscale data storage project to be carried out in partnership with Google Cloud and Turkcell in Istanbul, Yılmaz said, "Turkcell is investing 1 billion dollars, Google Cloud 2 billion dollars, a total of 3 billion dollars for this project. Of course, there are also projects that this will trigger. Once the infrastructure is established, many startups and digital companies will emerge. When we account for those, it is mentioned that it will reach a size of 10 billion dollars. This project has been decided, and it will be carried out in Ankara. With the realization of this project in Ankara, the infrastructure of Ankara in terms of digital economy will be elevated to a much different level," he said.
After the speeches, Vice President Yılmaz presented awards to the representatives of the companies that were deemed worthy of awards, with the participation of ASO President Seyit Ardıç and the President of the Union of Chambers and Commodity Exchanges of Turkey, Rifat Hisarcıklıoğlu.
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