Turkey Raises 2026 Inflation Target to 28.4%, Cuts Growth Forecast

Turkey’s government has sharply raised its inflation target for 2026, lifting it from 16% to 28.4%. At the same time, officials lowered their economic growth forecast for the year from 3.8% to 3.3%. The revised figures were announced in the country’s new Medium-Term Program (OVP), a key policy document that outlines the government’s economic expectations for the coming years. The move reflects ongoing price pressures in the Turkish economy, which has struggled with high inflation in recent years. The new target suggests that officials expect prices to rise at a much faster pace than previously planned. By contrast, the downgraded growth forecast signals a more cautious outlook for economic expansion, as the government balances efforts to control inflation with the need to support business activity. The updated targets are now part of the official roadmap that will guide fiscal and monetary policy decisions over the next year.