Türkiye’s top economy officials "comprehensively" addressed structural reform measures at a key meeting on Monday, stressing the aim to implement policies that would solidify and advance the country’s economic gains.
The statement came after the meeting of the Economic Coordination Council (EKK), chaired by Vice President Cevdet Yılmaz and attended by key Cabinet members, including Treasury and Finance Minister Mehmet Şimşek, Energy and Natural Resources Minister Alparslan Bayraktar, Industry and Technology Minister Mehmet Fatih Kacır, as well as Central Bank of the Republic of Türkiye (CBRT) Governor Fatih Karahan.
"Our primary goal is to swiftly implement reform measures to make our economic gains permanent and to advance them further," said the statement.
"The scheduled structural reforms and their progress will be closely monitored and discussed during upcoming Economic Coordination Board (EKK) meetings. This approach ensures that we maintain focus on the timely execution of our reform agenda, reinforcing the stability and growth of the economy."
The statement further indicated that the disinflation process that began in June is ongoing. "While growth is showing a more balanced composition, employment is increasing, and the unemployment rate remains at single-digit levels," it noted.
Türkiye's annual inflation eased to 49.38% in September, compared to the peak of 75.2% in May. The trend is seen maintaining pace as the tightening drive brings price relief.
At 50%, the CBRT policy rate is now higher than the annual consumer price index (CPI) for the first time since 2021, marking a milestone in an aggressive tightening cycle meant to curb inflation.
More than a year-long fiscal and monetary tightening drive has helped improve some of Türkiye’s key imbalances, including the current account deficit and risk premium, and rebuild foreign exchange reserves.
"The improvement in the external trade balance is significantly reducing the current account deficit, and reserves continue to rise. The decrease in risk premiums and the ongoing upgrades from international credit rating agencies demonstrate strengthened macro-financial stability," the statement read.
The council said the medium-term program, announced in September as a continuation of the previous program, aims to ensure sustainable and balanced growth, reduce inflation to single-digit levels, and enhance productivity through structural reforms that will increase production, exports and employment.
The EKK statement emphasized that structural reforms would support monetary and fiscal policies.
"A transformation in the industry will be carried out to ensure value-added production that will enhance our competitiveness." Additionally, efforts toward green and digital transformation will be accelerated, it added.