Erdoğan foresees major developments in inflation

At the Joint Sharing Forum, President Recep Tayyip Erdoğan of the ruling AKP party forecasted a significant decline in inflation in the second half of the year. "I believe the coming year will witness surprising and positive developments," he said, reflecting on Turkey's economic outlook.

Publication: 05.01.2024 - 16:14
Erdoğan foresees major developments in inflation
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Erdoğan highlighted the achievements in export growth and praised the Turkish Confederation of Employer Associations for their role in the minimum wage negotiations. He proudly announced, "The minimum wage was set at 17,002 lira, benefiting both workers and employers." The government has also removed income and stamp taxes on the minimum wage and increased insurance premium support, demonstrating its commitment to the workforce.

Discussing Turkey's economic growth, Erdoğan expressed confidence in the country's capacity to handle global risks, emphasizing the importance of fortifying the nation. "Everyone who works and dreams for Turkey, contributing to its economic growth, holds a high place in our regard," he stated, affirming his administration's support for those who contribute to the nation's welfare.

Erdoğan noted the increase in attacks against Turkey's national security, linking them to the country's unwavering stance on the Palestinian issue. He commended the effectiveness of Turkey's National Intelligence Organization and Armed Forces in countering these threats. "Our vision of a fully independent Turkey is gradually becoming a reality," he remarked, acknowledging the discomfort it may cause to those accustomed to the old regime.

The President emphasized the need to move beyond divisive discussions. "We must quickly leave behind these toxic and poisonous discussions," Erdoğan urged, criticizing those who fuel polarization for political gain.

On the topic of inflation, Erdoğan reassured that the government is actively addressing the issue. "Both core and headline inflation are decreasing, in line with our medium-term program," he explained. He anticipates the decline in inflation will be more noticeable in the second half of the year.

Erdoğan also outlined the government's strategy to reduce the current account deficit over the next three years while maintaining fiscal discipline. He mentioned the increased financing costs due to the Central Bank's policies and discussed efforts to create more cost-effective financing options.

In his concluding remarks, Erdoğan reiterated his commitment to revitalizing Istanbul, stating, "Our motto is 'Rebuild Istanbul.' We are obligated to do this. We must rebuild and revitalize Istanbul."

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