Turkey's 2024 budget unveiled: Focus on "resilient cities and economy"

Turkey's 2024 budget unveiled: Focus on "resilient cities and economy"
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Vice President Yilmaz announces new financial plan amidst rising inflation and unemployment.

Turkey's Vice President Cevdet Yilmaz unveiled the intricate details of the country's 2024 budget on Tuesday, emphasizing the administration's intent to bolster "resilient cities and economy." The announcement, marked by its prioritization of reconstruction and financial stability, outlines a series of ambitious targets and allocations amidst an intricate backdrop of escalating inflation and unemployment.

The budget disclosed to the public and soon presented to the Grand National Assembly of Turkey underscores two core priorities: the reconstruction of cities affected by recent earthquakes and the augmentation of macro-financial and price stability. Amidst ongoing challenges, including a global economic slowdown and domestic disasters, Turkey envisages a 4.4% economic growth in 2023, projecting a moderate yet positive 4% growth in the subsequent year.

Tackling unemployment and inflation

While these projections signal optimism, Yilmaz acknowledged the anticipated rise in unemployment to 10.3% in 2024, attributed to monetary tightening conditions. Despite this, the Vice President expressed confidence in Turkey's economic resilience, highlighting an expected surge in export performance and tourism revenues.

Inflation remains a pertinent issue, with Yilmaz assuring the public of the government's commitment to adopting transparent and reliable policy measures to mitigate its impact. The 2024 budget is anticipated to incur expenditures of 11.08 trillion lira, contrasted with 8.4 trillion lira in revenue.

Education and health

A significant allocation of 1.09 trillion lira is earmarked for education, reflecting the administration's continued emphasis on this pivotal sector. Health services are not left behind, with an allocation of 779.6 billion lira, indicating the government's balanced approach to holistic national development.

Yilmaz's announcement, sourced from Times Colonist, particularly spotlighted the allocation of 1 trillion 28 billion lira for earthquake expenditures, a poignant reflection of the nation's commitment to rebuild and enhance disaster resilience in affected regions.

Defense and agriculture

In a comprehensive financial outline, defense and agriculture also received substantial allocations. A colossal 1.13 trillion lira is designated for the defense and security sector, marking a significant increase and a clear indication of Turkey's intent to bolster its defense capabilities. The agricultural sector is allocated 384 billion lira, a move likely to invigorate rural economies and enhance food security.