Reducing the current account deficit involves either decreasing the dependency ratio on energy imports or achieving complete energy independence. It's evident that as production increases, so will the demand for energy, which grows each day. Importing more energy to meet this rising demand will exacerbate the current account deficit. Thus, high economic growth will inevitably lead to a higher current account deficit.

In past years, the increased energy bill has negatively impacted the economy, particularly exacerbating the need for foreign currency, resulting in measures to reduce the deficit affecting production and economic growth. In 2023, the approximately $70 billion spent on energy imports is a significant figure for a developing country aiming to move from the middle-income group to a higher income bracket, thereby improving various macroeconomic indicators.

It's also a fact that the cumulative amount spent on energy imports over the years has reached significant levels. Redirecting this annual expenditure on energy imports towards investments would not only remove obstacles to economic growth but also address serious structural issues such as exchange rate increases and inflation caused by the foreign currency deficit.

ENERGY INDEPENDENCE

Achieving energy independence would mean independence in the economy as well. The significance of energy was starkly highlighted during the Ukraine-Russia conflict, demonstrating how reliant European countries are on Russia for their economies.

Türkiye's pursuit of energy independence, namely reducing its energy imports, will primarily be achieved through new discoveries in natural gas and oil. Recent natural gas discoveries, projects initiated to transfer existing natural gas resources in neighboring regions to international markets, and ongoing efforts undoubtedly contribute to reducing reliance on external sources for natural gas.

Furthermore, investments in renewable energy, particularly solar and wind, have significantly reduced dependence on imports for electricity production. The decrease in the share of natural gas in electricity generation from around 50% to 20% is a significant milestone indicating progress.

The process of achieving energy independence will lead to high economic growth and a low current account deficit. This will mark a period in the economy where past structural issues such as high current account deficits, low growth, high inflation, and exchange rate increases will be left behind.