5-year development plan submitted to Turkish Parliament

Published 09.07.2019 00:16

Following President Recep Tayyip Erdoğan's approval, the 11th development plan for the 2019-2023 period, which is also the first development plan of the presidential governance system, was sent to Parliament for lawmakers to ratify.

The plan was drawn up with the inclusion of all ministries, public bodies and agencies, nongovernmental organizations (NGOs) and citizens surveys with the participation of 19,000 people via internet.

The 11th development plan is critical as it terminates on the 100th anniversary of the Turkish Republic. Therefore, the goals included in the program are of strategic importance for Turkey to accomplish centennial targets. The plan outlines that Turkey's gross domestic product (GDP) will reach $1.08 trillion while the exports are aimed at $226.6 billion. The target is to reduce unemployment to 9.9 percent by 2023, the plan said, while creating an additional 4.3 million jobs. With the targeted increase in tourism revenues, the ratio of current account deficit to GDP will fall to 0.9 percent, according to the plan.

Turkey's development programs serve as a broad road map for economic policy and include long-term targets for growth, income and unemployment. The last one expired in 2018.

As far as inflation is concerned, the plan stipulates that the price stability will be pursued in accordance with financial stability and strengthened policy coordination, therefore the aim for inflation will be set at 5 percent again by 2023. By the end of the plan period, the budget deficit will also fall to 2 percent.

The rule of law, a strong democracy and continuous development of fundamental rights and liberties are adopted as the guiding principles and pillars of the 11th development plan.

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