The Economy Coordination Council (EKK) of Turkey highlighted the importance of its first meeting in 2024, indicating a significant step in economic discussions and strategic planning. The EKK emphasized the upcoming legalization of cryptocurrency regulations, which is expected to help Turkey exit the Financial Action Task Force’s (FATF) grey list.
The meeting’s outcome spotlighted a comprehensive assessment of legislative efforts to regulate the crypto asset ecosystem. The optimism was expressed that the enactment of these regulations would fulfill a crucial condition for removing Turkey from the grey list.
The EKK underscored substantial steps taken in 2023 towards fighting inflation, establishing fiscal discipline, supporting balanced growth, reducing the current account deficit, and strengthening reserves. The determined fight against inflation resulted in a year-end rate below the Medium-Term Program (MTP) target, and fiscal discipline measures led to a budget deficit ratio to national income that exceeded expectations.
The EKK also highlighted that the 2023 MTP export targets were surpassed, marking a historic milestone for the Republic. For 2024, the EKK has set priorities focusing on balanced and sustainable growth, continued employment increase, progress in the fight against inflation, enhanced productivity, addressing the current account deficit, and preserving social welfare.
The EKK is committed to regularly addressing and prioritizing structural reforms outlined in the MTP throughout the year. These reforms are expected to shape the economic landscape and promote sustainable growth and stability in 2024, complementing monetary and fiscal policies to reduce inflation to single digits in the medium term and contribute to lasting societal prosperity.
