Economic Coordination Council convenes in Ankara to address key economic challenges post-local elections

Following the results of municipal elections around the nation, the Economic Coordination Council, chaired by Vice President Cevdet Yılmaz, convened in Ankara on Wednesday. Negotiations focused on economic issues, with the Council leading the way in defining the direction Türkiye's economic growth should take.

During the meeting, the essential group responsible for planning and directing economic policies, the Economic Coordination Council, had focused on urgent economic problems and possible remedies. Discussing the ongoing problem of inflation and the need to provide long-term social welfare programs, two essential elements of Türkiye's economic strategy, ranked highest on the agenda.

As stated in the Medium-Term Program, which was published in September 2023, the Council is committed to addressing the current account deficit head-on. This commitment was reaffirmed in a written statement released after the meeting. The statement summarized the council's unflinching will to steer Türkiye towards sustainable economic growth: "We are resolutely dedicated to implementing robust policies designed to not only combat inflation but to bolster value-added production."

Ministers of Labor and Social Security Vedat Işıkhan and Treasury and Finance Minister Mehmet Şimşek participated in the Council meeting, along with representatives from important organizations including the Central Bank. This coordinated endeavor highlights the government's multifaceted strategy and policy frameworks for tackling economic difficulties.

The government's commitment to addressing inflationary pressures while keeping a close eye on creating an atmosphere that supports long-term economic growth was reaffirmed in a written statement following the meeting. The Council stated that it was confident that cautious fiscal measures combined with a firm monetary policy stance would be successful in reaching its goal of a significant fall in annual inflation by the end of the year.

In the statement, it was stressed that "the Economic Coordination Council serves as a cornerstone in our efforts to steer Türkiye towards a trajectory of sustained growth and prosperity," underscoring the council's crucial role in influencing economic policies and creating an atmosphere that inspires investment and development.

Additionally, as the country's current account balance continues to improve, the Council noted the encouraging trend in Türkiye's external trade balance in 2024. A deliberate effort is being made to increase value-added manufacturing through further expenditures, and prudent spending practices will be used to maintain budgetary restraint.

Source: Newsroom