Minister Şimşek: "The Labor Market Continues to Show Resilience"

The Minister of Treasury and Finance, Mehmet Şimşek, evaluated the current state of the Turkish economy and future expectations in a statement made through the social media platform X.

Şimşek noted that while the economic program has short-term effects, there has been a limited contraction in industrial production during the first ten months of the year due to weak external demand. However, he stated that the labor market has remained resilient, with employment increasing by over 1 million in the past year. He explained that the seasonally adjusted unemployment rate stood at 8.8% in October.

Minister Şimşek expressed expectations for a more positive economic atmosphere next year. He predicted that global financial conditions, trade growth, and commodity prices would be more supportive for Turkey and emphasized that increased confidence in the real sector and the impact of disinflation would result in more favorable domestic financial conditions, positively affecting economic activity.

Emphasis on High and Inclusive Growth In his statements, Mehmet Şimşek highlighted that the macroeconomic fundamentals have strengthened thanks to the economic program they have implemented, underscoring that this situation lays the groundwork for Turkey's goal of sustainable, high, and inclusive growth. Minister Şimşek stated that the economic program would reinforce the country's fiscal stability and that this process would make significant contributions to social welfare.

He specifically expressed his belief that Turkey would be more resilient to future economic developments due to the strong macro foundations established and that economic growth would be more widespread among broader populations.