Treasury and Finance Minister Mehmet Şimşek is pursuing an intensive agenda on August 31. In the US to attend the G20 Meeting of Finance Ministers and Central Bank Governors, Şimşek is taking part in talks on critical issues facing the global economy while delivering comprehensive messages on Türkiye’s second-quarter growth figures. Türkiye’s economy grew by 2.3 percent year-on-year, while annualized national income exceeded $1.7 trillion. Şimşek also offered important clues about the main framework of the new Medium-Term Program covering 2027-2029.
Mehmet Şimşek’s agenda on August 31, 2026, featured notable developments for both Türkiye’s economy and international economic diplomacy.
Şimşek traveled to Asheville, North Carolina, to attend the G20 Meeting of Finance Ministers and Central Bank Governors. The meetings began on August 31 and are scheduled to continue through September 1.
Critical global economic issues on the G20 agenda
A range of critical problems facing the global economy are on the agenda of the meetings in Asheville.
The effects of geopolitical tensions on the world economy, the outlook for global growth, economic imbalances between countries and rising public debt worldwide are among the meeting’s main topics.
Finance ministers and central bank governors are also expected to assess policies to support growth and steps to strengthen cooperation with the private sector.
The meeting’s international dimension is also critical. Reuters reported that global debt reaching record levels of approximately $353 trillion, disruptions in energy markets, China’s large trade surplus and the effects of artificial intelligence investments on the global economy are among the prominent topics of the Asheville talks.
Şimşek expected to hold bilateral meetings
For Türkiye, one of the most important aspects of the meeting will be Şimşek’s diplomatic contacts.
Alongside attending the G20 sessions, Şimşek is expected to hold bilateral meetings with counterparts from various countries and senior executives of international financial institutions.
For this reason, the Asheville program is not merely a G20 meeting; it is also an important diplomatic platform for communicating Türkiye’s economic policies and investment outlook to international counterparts.
US hosts talks focused on growth and investment
The host country’s approach to accelerating global growth is also drawing attention at this year’s meetings.
US Treasury Secretary Scott Bessent argues that stronger economic growth, alongside fiscal measures, is needed to address the risks created by high public debt. The US side wants to raise the global economy’s growth potential by reducing regulatory burdens and increasing private investment.
The meetings cover a broad agenda, from energy security and trade imbalances to public-debt restructuring and banking regulations.
Türkiye releases growth figures as Şimşek meets in the US
As Şimşek’s engagements continued in the US, one of the day’s most important economic indicators was released in Türkiye.
Türkiye’s economy grew by 1.1 percent in the second quarter of 2026 from the previous quarter and by 2.3 percent from the same period a year earlier.
Annualized national income thus exceeded $1.7 trillion.
Şimşek highlighted that the economy continued to grow amid geopolitical tensions and challenging global conditions.
Industry grows 2.4 percent and agriculture 13.3 percent
According to the details shared by Şimşek, the value added of the industrial sector increased by 2.4 percent year-on-year, also supported by strong performance in technology-intensive sectors.
Growth in the agricultural sector stood at 13.3 percent.
Private consumption grew by 3.5 percent and investment by 0.6 percent, while net external demand also made a positive contribution to economic growth.
Şimşek described this picture as a more balanced growth outlook in the second quarter, supported jointly by domestic and external demand.
Current-account deficit stands at $38.9 billion
Minister Şimşek’s assessment also included data on the current-account balance.
As geopolitical developments affected Türkiye’s trading partners and commodity prices rose, particularly energy prices, the annualized current-account deficit stood at $38.9 billion in the second quarter.
The current-account deficit amounted to 2.3 percent of national income.
Şimşek said this level was sustainable.
Şimşek expects growth to accelerate gradually
One of Minister Şimşek’s main messages concerned the growth outlook for the coming period.
Pointing to progress in the disinflation process and a possible improvement in global economic conditions, Şimşek said they expected growth in Türkiye’s economy to accelerate gradually in the coming period.
Şimşek also said that Türkiye’s strengthening macroeconomic foundations had increased its resilience to external shocks.
New OVP to set the roadmap for 2027-2029
Another key point in Şimşek’s statements was the 2027-2029 Medium-Term Program (OVP), which will shape economic policies in the coming period.
The new program’s main objectives include achieving price stability, accelerating technological transformation, strengthening Türkiye’s growth potential through productivity gains and securing a lasting increase in prosperity.
Şimşek said the new OVP would set out the roadmap for the economic policies to be implemented to achieve these objectives.
Şimşek highlights Türkiye’s total debt ratio
Şimşek also shared data on Türkiye’s debt indicators.
Şimşek said that, as of the second quarter, gross external debt stock stood at 31.6 percent of national income, while Türkiye’s total debt amounted to 91 percent of national income.
The minister emphasized that this ratio was significantly below the averages for developing countries and the world, drawing attention to the resilience of Türkiye’s macroeconomic foundations.
Tragic news from Batman amid the intensive agenda
A personally tragic development also accompanied Şimşek’s intensive economic and diplomatic agenda.
Three people died in a fire at a private gym in Batman’s Gültepe neighborhood. One of the victims was Şimşek’s nephew.
The fire broke out in the gym’s sauna section, and an investigation was launched. Four people, including the business owner and employees, were taken into custody as part of the investigation. The Social Security Institution also assigned inspectors to investigate the incident.
Şimşek received the tragic news in the US, where he was attending the G20 meetings.
Attention now turns to Şimşek’s US meetings
As of August 31, three separate issues had come to the fore on Şimşek’s agenda: Türkiye’s second-quarter growth performance, preparations for the new OVP that will shape economic policies for 2027-2029, and economic diplomacy at the G20 in the US.
Because the meetings in Asheville are scheduled to continue through September 1, attention has now turned to Şimşek’s bilateral meetings and any new messages he may deliver about Türkiye’s economy after the talks.
Messages emerging from contacts with executives of international financial institutions and economic policymakers from other countries will be closely followed for their implications for Türkiye’s economic policies and international investment relations in the coming period.
