(MENAFN- Trend News Agency) Türkiye is gradually solving the cost of living and inflation
problems that the European nations and the U.S. are facing,
President Recep Tayyip Erdogan has said, trend reports citing
daily
news .
“Hopefully, we will break the neck of inflation at the start of
next year,” Erdogan said in a video message sent to the“Türkiye
2023 Summit.”
The president also said that inflation stemming from elevated
energy, food and raw material prices poses challenges for all
economies in the world indiscriminately.
“It is observed that old approaches, such as lowering inflation
by increasing interest rates, did not fulfill those expectations.
Many countries, which resort to such policies to rein in inflation,
are now facing both the cost of living and job losses problems,”
Erdogan said.
With the economic model implemented, which focuses on achieving
growth through production, employment, exports and current account
surplus, Türkiye is among few countries that manage to weather this
turbulent time, the president added.
He recalled that the country's exports broke record month after
another and are nearing $300 billion.
“The tourism industry, which suffered most from the pandemic,
not only recovered but also gained significant momentum. And the
employment for the first time exceeded 31 million,” Erdogan
said.
He also noted that the defense exports, which stood at only $248
million in 2002, climbed to an all-time high of $3.22 billion last
year, adding that defense exports are expected to exceed $4 billion
in 2022.
The increase in the annual inflation rate slowed from 85.5
percent in October to 84.4 percent in November. The monthly
increase in consumer prices also eased from 3.54 percent to 2.88
percent.
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