"Inflation must be fought with determination and resilience," states the Vice President Yilmaz

In an effort to address the complex economic challenges posed by global dynamics, the 2nd Semester 2023 Economic and Consultative Meeting was convened under the chairmanship of Vice President Cevdet Yilmaz.

Commenting on the importance of the meeting, Vice President Yilmaz emphasized the challenges facing both Turkey and the region.

Central to the discussions was a consensus on the importance of a robust legal framework to underpin economic objectives.

"Inflation must be fought with determination and resilience," Yılmaz affirmed, summing up the unanimous commitment to address this critical economic issue. He emphasized the enduring value of political stability in reducing uncertainties and fostering economic predictability.

Looking ahead, Mr. Yılmaz outlined plans for the upcoming Medium Term Program (MTP), which will be presented to the public in September. He emphasized its potential to improve economic predictability, particularly with regard to inflation. Mr. Yılmaz emphasized the key role of policies aimed at reducing input and intermediate costs while increasing supply.

Regarding Turkey's fiscal health, Yilmaz detailed the country's commitment to maintaining a budget deficit around the Maastricht criteria, excluding one-time expenditures related to earthquake relief efforts. Measures have already been taken to increase revenues, but Yilmaz emphasized the need for expenditure-related solutions within the public sector.

In a notable move, Yilmaz signaled the potential for tax reform aimed at streamlining the tax system and ensuring stable public revenues. This hint of new taxes and potential tax increases reflected the government's multi-pronged approach to economic resilience.