Turkey’s Medium-Term Economic Program: Reforms And Recovery Path 2024-2026 – OpEd

Turkey has unveiled its 2024-2026 Medium-Term Economic Program (MTEP) with the aim of addressing economic imbalances, promoting sustainable growth, and enhancing competitiveness. This program encompasses a series of comprehensive reforms as the country seeks solutions to its economic challenges. However, it appears that implementing these reforms will be a challenging task.

1. Economic Growth and Stability

One of the central objectives of the Medium-Term Economic Program (MTEP) is economic growth and stability. Achieving this goal may prove to be a challenging endeavor, given the complexity of both domestic and international factors. The program aims to reduce inflation, decrease public debt, and lower unemployment rates. However, these are ambitious targets that won't be easily attainable.

2. Public Finance and Debt Reduction

Turkey has frequently encountered issues with public finance. The MTEP strives to control public expenditures and enforce budget discipline. However, reducing public debt and maintaining fiscal discipline will depend on the determination of policymakers.

3. Unemployment and Social Policies

Unemployment stands out as one of Turkey's prominent economic issues. The MTEP seeks to increase youth employment and women's participation in the workforce. Nevertheless, improving the labor market and making social welfare programs more effective is a complex process.

4. Investment and Competitiveness

The MTEP aims to support the business sector to enhance Turkey's competitiveness. Yet, challenges such as bureaucratic hurdles in the business environment and streamlining investments may pose implementation difficulties. Additionally, uncertainties in international trade must be considered.

5. Education and Digital Transformation

Digital transformation and educational reforms are critical components of the MTEP. However, these changes in areas like digital infrastructure and workforce adaptation to the digital age are long-term endeavors and will be challenging to implement.

Turkey's 2024-2026 Medium-Term Economic Program acknowledges the need for economic recovery and reform in the country. Yet, implementing these reforms will be a challenging journey. The determination of policymakers and the engagement of society will determine the program's success. While the road ahead may be tough, the MTEP represents a crucial step for Turkey's economic future and should be closely monitored.