Improving Unemployment Rate: Strong Macro Fundamentals for the Turkish Economy
Treasury and Finance Minister Mehmet Şimşek evaluated the unemployment data released by the Turkish Statistical Institute (TurkStat) and emphasized the positive effects of the economic policies implemented. Şimşek stated that the seasonally adjusted unemployment rate declined to 8.8% in October. He also stated that macroeconomic fundamentals have strengthened and a solid foundation for inclusive growth has been established.
Stable Decline in Unemployment
Turkey’s unemployment rate fell to 8.8%, reflecting positive developments in the labor market. Minister Şimşek stated that the labor market remains resilient and employment has increased by over 1 million in the last year. This increase shows that employment opportunities are expanding and more citizens are joining the labor market.
However, it was also stated that the number of unemployed increased by 61 thousand people compared to the previous month, reaching a total of 3 million 175 thousand people. Şimşek stated that this was due to periodic changes and that the general trend was positive.
Economic Activity and Confidence Increase
Minister Şimşek stated that with the strengthening of the macro fundamentals of the Turkish economy, there has been an increase in confidence in the real sector and this has had a positive impact on economic activity. Şimşek predicted that global financial conditions, trade growth and commodity prices will be more supportive for the Turkish economy until 2025.
Emphasizing that the disinflation process continues, Şimşek stated that favorable financial conditions will play an important role in helping the real sector achieve its growth targets.
Macro Fundamentals and Growth Targets
Turkey’s economic growth and employment policies have created the necessary infrastructure for sustainable development, the Minister of Treasury and Finance said. He said the implemented economic programs are supported by solidifying macro fundamentals and a strong groundwork is being laid for inclusive growth.
Şimşek said, “Our economic reforms are supported by strong macro fundamentals and disciplined fiscal policies. This adds strength to us in achieving our growth targets.”
Future Period Expectations
The Turkish economy is expected to show a stronger performance in the coming period. With the positive developments in global markets and the impact of economic reforms in Turkey, employment and growth figures are expected to improve further. Minister Şimşek stated that they will continue to work for sustainable development without slowing down.
In conclusion, the decline in the unemployment rate and the increase in employment show that the Turkish economy is on a strong footing. By increasing economic confidence and supporting the real sector, it is becoming more possible for Turkey to reach its growth targets.
