On September 6 (local time), Turkish Deputy Prime Minister Cevdet Yilmaz announced the goal of increasing defense spending to 229% at a press conference announcing the Mid-Term Economic Program for the period 2027 - 2029, according to Xinhua.
Speaking at a press conference, Mr. Yilmaz emphasized that Ankara aims to develop domestic technology and create high-value-added defense industrial products. The plan to boost the military budget takes place in the context of Ankara updating macroeconomic indicators in the face of global fluctuations.
The issue of price control in Turkey was also mentioned at the press conference. Mr. Yilmaz affirmed that efforts to cool down inflation have recorded many positive changes.
From a peak of 75.5% in May 2024, the consumer price index is on a clear downward trend thanks to tighter policies. After the expected level of 28.4% at the end of this year, inflation is expected to gradually decrease to 16% in 2027, down to 9% in 2028 and stabilize at 8% in 2029.
Assessing the broader context, the Turkish Vice President said that the world economy is entering a risky phase when technological, economic and geopolitical factors are intertwined and complex. He pointed out that military conflict in the region is directly and indirectly affecting energy prices, commodities, global trade as well as Turkey's overall development prospects.
Previously, data from the Stockholm International Peace Research Institute showed that Turkey's military spending in 2025 reached 30 billion USD.
