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Turkey unveils 2027-2029 Medium-Term Program with revised targets
The Turkish government has unveiled its 2027-2029 Medium-Term Program (OVP), outlining significant revisions to macroeconomic targets and structural policies. Key updates include a revised 2026 year-end inflation forecast, which has been increased from 16% to 28.4%. Economic growth targets for 2026 have also been adjusted downward from 3.8% to 3.3% or 3.5% depending on the specific sector analysis. The program aims for single-digit inflation by 2029.
Vice President Cevdet Yılmaz announced that the Currency-Protected Deposit (KKM) scheme has been successfully phased out, reaching a zero level without disrupting financial stability. Additionally, gross reserves have risen significantly to 188.2 billion dollars as of late August 2026.
The OVP also details social security and wage projections. Based on the new inflation targets, SSK and Bağ-Kur retirees are projected to receive a 9.04% increase, while civil servants and civil servant retirees are expected to see a 7% increase. The program emphasizes long-term fiscal sustainability, aiming for a gradual reduction in unemployment and a significant increase in tax revenues, projected to reach 27.7 trillion TL by 2029.
Entities
Central Bank of the Republic of Turkey · Central Bank of the Republic of Türkiye · Cevdet Yılmaz · Cumhurbaşkanlığı Strateji ve Bütçe Başkanlığı · Hazine ve Maliye Bakanlığı · JPMorgan Chase · Mehmet Şimşek · Ministry of Treasury and Finance · MÜSİAD · Presidency of Strategy and Budget · Presidency of the Republic of Türkiye Strategy and Budget Directorate · Republic of Türkiye
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] Under the OVP inflation scenario, SSK and Bağ-Kur retirees are projected to receive a 9.04% increase. www.egemengazetesi.com · www.sabah.com.tr
- [● 4 SOURCES] The program includes goals to strengthen the financial sustainability of the social security system. www.gzt.com · halktv.com.tr · www.egemengazetesi.com
- [● 3 SOURCES] Civil servants and civil servant retirees are projected to receive a 7% increase under the OVP scenario. www.egemengazetesi.com · www.sabah.com.tr
- [○ 1 SOURCE] The OVP projects tax revenues to reach 27.7 trillion TL by 2029. www.sesgazetesi.com.tr
- [● 2 SOURCES] The YENİ Party claims there is a 6 percentage point discrepancy between the Central Bank and the OVP inflation forecasts. haber.doviz.com · www.sondakika.com
- [DISPUTED] Economic growth targets for 2026 have been revised downward to 3.5%. www.sesgazetesi.com.tr
- [● 5 SOURCES] The 2027-2029 Medium-Term Program (OVP) sets a year-end inflation target of 28.4% for 2026. www.egemengazetesi.com · www.sesgazetesi.com.tr · www.sabah.com.tr · sonsoz.com.tr
- [● 2 SOURCES] The OVP targets single-digit inflation by 2029. www.sesgazetesi.com.tr
- [DISPUTED] Inflation is projected to reach 21% in 2027, 15.5% in 2028, and 9% in 2029. www.sesgazetesi.com.tr
- [● 2 SOURCES] The government remains committed to price stability despite revisions to inflation targets. anlatilaninotesi.com.tr · www.haberankara.com
- [○ 1 SOURCE] Turkey's gross reserves increased from 98.5 billion dollars in May 2023 to 188.2 billion dollars as of August 28, 2026. sonsoz.com.tr
- [● 2 SOURCES] The economic growth target for 2026 has been revised downward from 3.8% to 3.3%. sonsoz.com.tr · www.haberaktuel.com