Turkish Finance Minister: Economic program won't burden low-income groups

Speaking at Turkish Industry and Business Association (TÜSİAD) High Advisory Council Meeting, Şimşek outlined key goals of the economic strategy, emphasizing sustainable high growth and reducing the current account deficit.

Şimşek highlighted progress, noting a decrease in Turkey's average current account deficit to national income ratio from 3.8 percent to an expected below 2.5 percent this year. He also addressed the reduction in Currency Protected Deposits (CPC), down to below $60 billion from a peak of $143 billion last year.

Regarding inflation, Şimşek acknowledged challenges but expressed optimism, citing significant improvements in inflation expectations. He emphasized fairness in sharing the program's burden, mentioning tax reforms that exclude minimum wage incomes from taxes and reduce the lowest income tax bracket from 22 percent to 15 percent, while increasing the highest bracket to 40 percent.

Looking forward, Şimşek underscored a growth model focused on productivity and export-oriented strategies to enhance competitiveness. (ILKHA)