STORY: Türkiye cuts growth forecast, raises inflation target for 2024
SHOOTING TIME: Sept. 5, 2024
DATELINE: Sept. 6, 2024
LENGTH: 00:01:15
LOCATION: Ankara
CATEGORY: ECONOMY

SHOTLIST:
1. various of the press conference
2. SOUNDBITE 1 (Turkish): CEVDET YILMAZ, Turkish Vice President
3. various of the press conference
4. SOUNDBITE 2 (Turkish): CEVDET YILMAZ, Turkish Vice President
5. various of the press conference

STORYLINE:

The Turkish government on Thursday lowered its economic growth forecast for 2024 to 3.5 percent while raising its expected inflation rate for the year to 41.5 percent, according to Turkish Vice President Cevdet Yilmaz.

SOUNDBITE 1 (Turkish): CEVDET YILMAZ, Turkish Vice President
"In 2024, growth is expected to be 3.5 percent due to rising tensions in the region."

Last year, the government projected a 4-percent growth rate for the Turkish economy in 2024.

Yilmaz also noted that the growth forecast for 2025 has been revised down from 4.5 percent to 4 percent, and for 2026 from 5.0 percent to 4.5 percent. Additionally, the 2024 inflation target was raised from 33 percent to 41.5 percent.

The inflation forecast for 2025 increased from 15.2 percent to 17.5 percent, and for 2026 from 8.5 percent to 9.7 percent, he said.

SOUNDBITE 2 (Turkish): CEVDET YILMAZ, Turkish Vice President
"The effects of the disinflation process started as of June 2024, in line with our projected timetable."

Türkiye has been grappling with rising inflation and one of the worst cost-of-living crises in its history. Since June 2023, the central bank has raised its key interest rate from 8.5 percent to 50 percent, tightening monetary policy.

Türkiye's annual inflation rate eased to 51.97 percent in August, marking its lowest level in a year. The figure, released by official data on Tuesday, came in slightly below market expectations.

Xinhua News Agency correspondents reporting from Ankara.
(XHTV)