Economic Coordination Council: The decline in inflation continues.

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The Economic Coordination Council (EKK) stated in a press release that their main goals are to quickly implement reform steps to make the gains in the economy permanent and to advance further. The Economic Coordination Council convened under the chairmanship of Vice President Cevdet Yılmaz. In the written statement made after the meeting, it was reported that the eighth meeting of 2024 was held today. It was emphasized that the economic program implemented last year is being continued with determination and that positive results are still being achieved.

"INFLATION DECREASE CONTINUES"

In the statement expressing that the disinflation process, which started in June, continues, it was stated, "While growth exhibits a more balanced composition, employment is increasing, and the unemployment rate is maintaining single-digit levels. With the improvement in the foreign trade balance, the current account deficit has significantly decreased, and our reserves continue to increase. The decrease in credit risk premiums and the ongoing upgrades by international credit rating agencies indicate that macro-financial stability is strengthening."

"THE AIM IS TO INCREASE PRODUCTION, EXPORT, AND EMPLOYMENT"

In the statement emphasizing that structural reforms supporting the monetary and fiscal policies implemented within the program are being rapidly realized within a timetable, it was stated, "The main objective of the Medium-Term Program (2025-2027), which we announced in September as a continuation of the previous Program, is to ensure sustainable balanced growth, reduce inflation to single-digit levels, and increase production, exports, and employment based on efficiency through structural reforms. A transformation in the industry will be carried out to ensure value-added production that will enhance our competitiveness. Policies will be implemented to strengthen labor skills and the R&D and innovation ecosystem in line with changing needs, and green and digital transformation efforts will be accelerated. Policies aimed at improving the business and investment environment will continue."

79 SEPARATE MEASURES DISCUSSED

In the statement indicating that measures related to structural reforms were comprehensively addressed in the EKK meeting held today, it was stated, "In addition to the 42 reform measures included in the Medium-Term Program (OVP) covering the 2024-2026 period, a total of 79 actions were discussed, including 37 measures updated in the OVP. Of these actions, 31 are under growth and trade, 13 under human capital and employment, 6 under price stability and financial stability, 19 under public finance, and 10 under the business and investment environment. Our main goal is to quickly implement reform steps to make our gains in the economy permanent and to advance further. The scheduled structural reforms and their progress will be closely monitored in the upcoming EKK meetings."

SECTOR REPRESENTATIVES WERE ALSO PRESENT AT THE MEETING

Attending the meeting at the Presidential Complex were Minister of Treasury and Finance Mehmet Şimşek, Minister of Labor and Social Security Vedat Işıkhan, Minister of Energy and Natural Resources Alparslan Bayraktar, Minister of Industry and Technology Mehmet Fatih Kacır, Minister of Agriculture and Forestry İbrahim Yumaklı, Minister of Trade Ömer Bolat, AK Party Group Chairman Abdullah Güler, Deputy Chairman Nihat Zeybekci, President of the Presidential Strategy and Budget Ibrahim Şenel, President of the Central Bank of the Republic of Turkey Fatih Karahan, and representatives from relevant institutions and organizations, along with some deputy ministers.