In June, the unemployment rate increased to 9.2%. Despite this rise, the rate remained in the single-digit range, staying below the 10.3% forecast in the Medium-Term Economic Program (OVP) for 2024.
The increase in the unemployment rate was significantly influenced by the stringent policies implemented as part of the fight against inflation, as well as transient factors specific to that month. Factors such as the number of job seekers rising due to schools entering their vacation period and the 9-day Eid al-Adha holiday played a significant role.
Vice President Cevdet Yılmaz commented on the issue, stating, “While continuing the disinflation process that has begun, we are carefully monitoring the short-term effects of this process on growth and employment and are continuing our efforts to mitigate these effects.” Yılmaz cited selective credits and incentives aimed at real sector investments, regulatory measures to improve the investment environment, tax rates prioritizing exports, and vocational training and labor policies aimed at enhancing employability among the policies being followed.
“Our goal is to achieve balanced growth with stability, to expand our employment opportunities, and to permanently increase social welfare through human-centric and inclusive development,” Yılmaz said. He acknowledged that there might be challenges in balancing the fight against inflation with growth, but emphasized that these two goals are harmonious in the medium and long term. Yılmaz added that price stability reinforces predictability and trust, laying a strong foundation for sustainable growth.
Source: Statements by Vice President Cevdet Yılmaz.