Turkey is set to become one of the world’s top 10 defense exporters this year, according to Treasury and Finance Minister Mehmet Şimşek.
Speaking to broadcaster A Haber, Şimşek highlighted nearly 1,400 active projects with a combined value exceeding $100 billion.
“The global defense market is currently worth $2.7 trillion and is expected to rise to $6 trillion by the mid-2030s. Turkey is well-positioned to capitalize on this growth,” he said.
Şimşek credited recent economic policies for restoring stability to financial markets, enabling a transition toward disinflation and bolstering economic resilience.
Despite a string of challenges—including climate-related disasters, geopolitical tensions, U.S. President Donald Trump’s trade policies, and domestic legal hurdles—Şimşek expressed optimism about the country’s inflation outlook. “We expect headline inflation to fall below 30% by year’s end,” he noted.
The minister also said the government plans to revise its budget deficit target upward from 3.1% of GDP to 3.6%, but added that the current account deficit is no longer a pressing concern. “Excluding gold, we forecast it will remain below 0.5% over the next three years,” he said.
Addressing concerns about corporate insolvencies, Şimşek revealed that 3,850 companies had filed for bankruptcy since the launch of the government’s economic program. However, he noted these firms represented less than 1% of key economic indicators, including employment, exports, and total loans.
He also acknowledged reports of misuse of the concordat process—a legal mechanism to avoid bankruptcy—and said the government is working with the Justice Ministry on reforms to prevent abuse.
