The Medium-Term Program (OVP) covering the 2027-2029 period has been published. The program sets out Türkiye’s growth, inflation, unemployment, current account balance and budget targets for the next three years, while projecting that inflation will fall to single digits and national income will exceed $2.2 trillion by 2029.
Prepared by the Ministry of Treasury and Finance and the Presidency of Strategy and Budget, the 2027-2029 Medium-Term Program (OVP) sets out Türkiye’s key economic targets for the next three years. The program includes new projections for growth, inflation, unemployment, the current account balance and the budget outlook. Accordingly, the economy is expected to grow by 3.3 percent in 2026, while year-end inflation is projected at 28.4 percent. The growth forecast has been set at 4.2 percent for 2027, 4.6 percent for 2028 and 5 percent for 2029.
Inflation is expected to decline gradually in the coming years. After reaching 28.4 percent at the end of 2026, inflation is projected to fall to 21 percent in 2027, 13.5 percent in 2028 and 9 percent in 2029. The program therefore aims to bring inflation back to single digits in the final year of the OVP. In the labor market, the unemployment rate is expected to stand at 8.1 percent at the end of 2026, before declining to 8 percent in 2027, 7.8 percent in 2028 and 7.6 percent in 2029. Along with the projected increase in the labor force participation rate, employment is expected to rise by an annual average of 711,000 people over the program period.
New targets for the current account deficit and budget balance
The program also projects a gradual decline in the current account deficit as a share of national income. The current account deficit-to-GDP ratio, expected to stand at 2.6 percent in 2026, is targeted to fall to 1.9 percent in 2027, 1.8 percent in 2028 and 1.6 percent in 2029.
Under the 2025 Central Government Budget Law, the budget deficit-to-GDP ratio is projected at 3.1 percent. The ratio is targeted at 3.5 percent in 2027, 3.1 percent in 2028 and 2.8 percent in 2029.
National income targeted to exceed $2.2 trillion
Under the OVP, Türkiye’s national income is projected to reach $1.821 trillion in 2026, while per capita income is expected to rise to $20,523. In the final year of the program, national income is targeted to reach $2.225 trillion, with per capita income rising to $24,842.
