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Republic of Türkiye: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Türkiye

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  • International Monetary Fund

Abstract

A significant tightening of macroeconomic policy since mid-2023 has substantially reduced crisis risks. Tighter financial conditions are weighing on domestic demand and inflation has fallen. Tax and expenditure measures partly dampened an expansionary fiscal impulse and the commitment to stronger incomes policies has strengthened credibility. Market sentiment has improved, with investors shifting into lira while lower commodity prices, buoyant exports, and reduced gold imports have strengthened the current account and boosted international reserves. Türkiye’s sovereign ratings have been upgraded and country risk premia have halved. While now subsiding, still-high inflation expectations and sequential inflation suggest an insufficiently tight policy stance to reach the midpoint of the authorities’ inflation forecast range.

Suggested Citation

  • International Monetary Fund, 2024. "Republic of Türkiye: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Türkiye," IMF Staff Country Reports 2024/312, International Monetary Fund.
    • Handle: RePEc:imf:imfscr:2024/312
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    Keywords

    inflation expectation; IFC portfolio implementation; WB program; WBG portfolio; authorities project growth; Inflation; Central bank policy rate; Fiscal stance; Minimum wages; Global;
    All these keywords.

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