2020-2021-2022
NEW ECONOMY PROGRAM
REBALANCING IN ECONOMY
P: Yeni Ekonomi Programı 2020-22 Kaynak: TÜİK, TCMB
(GSYİH, % değişim)
-5 0 5 10 15
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019P
Yıllık Ekonomik Aktivite
-4,7
8,5
11,1
4,8
8,5
5,2 6,1
3,2
7,5
2,8
0,5 (Yıldan Yıla % Değişim)
10 14 18 22 26 30
2018-5 7 9 11 2019-1 3 5 7
Enflasyon Çekirdek Enflasyon
Enflasyon
(12 Aylık Hareketli Ort., Milyar $)
Cari İşlemler Dengesi
-60 -50 -40 -30 -20 -10 0 10
2018-1 2 3 4 5 6 7 8 9 10 11 12 2019-1 2 3 4 5 6 7
-5,0 -4,0 -3,0 -2,0 -1,0
0,0 1,0 2,0 3,0 4,0
2018-Ç1 Ç2 Ç3 Ç4 2019-Ç1 Ç2
(ma, % değişim)
Özel Tüketim
Özel Tüketim
Inflation Core Inflation
Economic Activity Inflation
Current Account Balance Private Consumation
(s.a., q-o-q, % change)
(12 month rolling, billion $) (GDP, year % change) (CPI index y-o-y % change)
P: New Economic Program 2020-22
Source: TURKSTAT, CBRT
Q Q Q Q Q Q
-5 0 5 10 15
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019P
-4.7
8.5
11.1
4.8
8.5
5.2 6.1
3.2
7.5
2.8
0.5
NORMALIZATION IN FINANCIAL MARKETS
Source: Reuters -16 -12 -8 -4 0 4 8 12
Chile
Colombia Romania S. Korea Hungary Poland Czechia Bulgaria China Brazil Malaysia Mexico Peru S. Africa India Philippines Indonesia Russia Thailand TURKEY
(USD, % change wrt August 31, 2018)
Exchange Rates
11.0
7.5 7.1 6.9
6.1 5.7 5.1 5.1
3.9 2.8 2.0 1.9 1.6 0.9 0.5
-2.2
-4.6-5.2 -6.8
-12.3
(Difference wrt August 31, 2018, bp)
-700 -600 -500 -400 -300 -200 -100 0 100
Peru China Bulgaria Romania Malaysia Czechia S. Africa S. Korea Mexico Indonesia Colombia Thailand Poland India Hungary Philippines Russia Chile Brazil Turkey
10 Year Government Bond Yield Difference
24.2
-46.3 -57.5 -60 -63.2 -70.8 -77 -85 -88 -91.6 -105 -109.5-110.9-131.7
-140.6-163.7 -173 -201
-500 -610
( Difference wrt August 31, 2018, bp)
-230 -180 -130 -80 -30 20
Bulgaria Czechia Poland Romania S. Korea Hungary Thailand Mexico China Chile Colombia Peru Philippines Indonesia Malaysia S. Africa Russia Brazil Turkey
CDS Risk Premium Difference
10.72.66
-3.3-4.1 -12 -13 -14 -19 -21
-24 -33 -38 -39-47 -49 -63
-91
-181
-217
NEW ECONOMY PROGRAM (2019-2021) ACTION PLAN
Of the 53 actions planned to be
implemented in 2019, 40 Actions (75.5%) were implemented
and progress was made in 13 actions (24.5%)
Of the 112 actions in the 2019-2021 New Economy Program
44 have been implemented
Progress was made in 68 actions
24.5
%
75.5 %
2019 40 75.47 13 24.53 53
2020 1 3.85 25 96.15 26
2021 3 9.09 30 90.91 33
Total in Share % Number of Actions
Implemented
Number of Actions Progressed
Total in Share %
Total Target Year
Total 44 39.39 68 60.71 112
Target Year 2019 Status of Ac4ons %
Progress of Actions by Target Year
Implemented
Progressed
PRICE STABILITY
Policies and Measures Inflation Target, %
20.3
2018 2019 RE
12.0
8.5 6.0 4.9
2020 NEP
2021 NEP
2022 NEP
Coordination of Monetary and Fiscal Policies
Struggle with Stickiness in Prices
Measures Against Pass-Through in Goods and Services Prices
Combating Food Inflation
Increasing Competition and Productivity in the Goods and Services Markets
CURRENT ACCOUNT BALANCE
2018 2019 RE
2020 NEP
2021 NEP
2022 NEP
Policies and Measures Current Account Balance / GDP, %
Localization of Imported Intermediate Goods
Tourism Strategy Document
Prioritization of Current Account Balance in Investment-Incentive-Tax Enforcements
Export Master Plan
Logistics Master Plan
-3.4
0.1
-1.2 -0.8
0.0
PUBLIC FINANCE
Central Government Budget Deficit/GDP (%)
2.0
2018 2019 RE
2020 NEP
2021 NEP
2022 NEP
2.9 2.9 2.9
2.6
UPPER LIMIT FOR BUDGET
DEFICIT/GDP: 3 % TAX REFORM
INSTITUTIONALIZATION OF THE
PUBLIC FINANCE
TRANSFORMATION OFFICE IMPROVING THE
EFFICIENCY OF TAX AUDIT
SUSTAINABLE GROWTH
Growth Rate, % Policies and Measures
2.8
2018 2019 RE
2020 NEP
2021 NEP
2022 NEP
0.5
5.0 5.0 5.0
National Productivity Plan
Revision of Regulations that Complicate Company Growth
Sector Prioritization in accordance with the Development Plan
Prudent Sector Oriented Loans Policy
Industrial Strategy Document
Wealth Fund Investment Strategy
Judicial Reform
EMPLOYMENT
Policies and Measures
Revival of Critical Sectors
Vocational and Entrepreneurship Programs for Youth and Women
Unemployment Rate, %
2018 2019
RE
2020 NEP
2021 NEP
2022 NEP
11.0
12.9 11.8
10.6 9.8
Revision of Employment Incentives
Positive Effect of Growth on Employment
2023 Education Vision
FINANCIAL STABILITY
Complementary Insurance
2020 is a New Start for Banks’
Asset Quality Reducing Dollarization
Deepening Capital Markets Improving Credit Channels
İstanbul Finance Center
