Turkish President Tayyip Erdogan said tight monetary policy would bring inflation to single digits as the government hiked its year-end forecast to 65%.
The Turkish government now sees annual inflation of 65% at the end of the year, up from a forecast of 24.9% a year ago.
Turkish President Recep Tayyip Erdogan speaks during the launch of Medium Term Programme at the Presidential Complex in Ankara, Turkiye on September 06, 2023.Turkey jacked up its inflation expectations and cut that of economic growth on Wednesday, as it seeks to take a more orthodox and realistic policy path that analysts say could eventually test the patience of President Tayyip Erdogan.
It trimmed GDP growth forecasts to 4.4% this year and 4% next year, which is still higher than most economists expect, from 5% and 5.5% previously.Officials unveiled the forecasts in the annual "medium-term programme", seen as a milestone in a broader policy U-turn that began in June and is meant to rein in inflation expectations that have soared for years.
With Erdogan's ruling AK Party seeking to reclaim big cities Istanbul and Ankara from the opposition in the March vote, some analysts say higher inflation and unemployment and lower growth could test the president's patience with the U-turn.
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