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Turkish Economy Grows 5.7% in Q1 2024

Last Updated on June 12, 2024 by Ideal Editor

Turkish Economy Grows: Impressive Economic Performance in Early 2024

In the first quarter of 2024, the Turkish economy grows impressively, with a significant GDP growth rate of 5.7%. This strong performance, reported by TurkStat and published by The Investment Office, places Türkiye among the fastest-growing economies globally, surpassing many other emerging markets.

Government Policies Drive Growth

Minister of Treasury and Finance Mehmet Şimşek highlighted the country’s progress. He has noted that the Turkish economy grows due to rational, predictable, and rule-based policies. He emphasized the government’s commitment to long-term economic stability and sustainable growth.

Unemployment Hits Record Low

One of the standout achievements this quarter is the drop in the seasonally adjusted unemployment rate to 8.7%. The lowest in 44 quarters. This significant decline reflects the success of government policies aimed at fostering employment and economic stability.

Positive Outlook for Future Growth

Looking ahead, Şimşek remains optimistic. He anticipates that more favorable external conditions and moderate domestic demand in the latter half of the year will further boost net external demand. It will contribute positively to the Turkish economy’s growth. He outlined that Türkiye’s economic program is strategically designed to support balanced growth. As well as reduce the current account deficit, boost investor confidence, and improve economic expectations—all crucial for maintaining low inflation.

Commitment to Long-Term Goals

As the Turkish economy grows and strategic policies continue to be implemented, the future looks promising for sustained economic growth and stability. The Turkish government remains dedicated to achieving its long-term economic objectives, aiming to ensure a prosperous future for the nation.

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