Erdogan says Türkiye making gradual progress in controlling inflation
Date
10/20/2024 2:18:50 AM
(MENAFN) President Recep Tayyip Erdogan announced on Friday that Türkiye is making gradual progress in controlling inflation, stating that now is an opportune moment to advance structural reforms in the country. Speaking at the 51st General Assembly of the Turkish Employers’ Association of Metal Industries in Istanbul, he emphasized the importance of fostering a culture of saving in all areas of expenditure, with the exception of spending related to earthquake recovery efforts.
Türkiye has been grappling with the aftermath of twin devastating earthquakes that struck 11 provinces last year, resulting in thousands of fatalities and substantial economic losses. As part of the country’s efforts to stabilize its economy, Erdogan highlighted that Türkiye's annual inflation rate decreased to 49.38 percent in September, marking its lowest point since July 2023. This decline reflects the government's ongoing efforts to manage economic challenges and restore confidence in the Turkish economy.
Additionally, Erdogan noted that the Turkish Central Bank's reserves reached a historic high of USD156 billion last month, a significant milestone that indicates improved financial stability. He also revealed that Türkiye's annual exports have surpassed USD260 billion, demonstrating the country’s resilience and capacity for international trade despite economic hurdles.
Erdogan reported that employment has increased by 654,000 people in the first eight months of this year, bringing the unemployment rate down to 8.5 percent. He reiterated the government’s commitment to policies aimed at reducing unemployment, enhancing job creation, and curbing the informal economy. These measures are part of a broader strategy to strengthen Türkiye’s economic foundations and promote sustainable growth in the future.
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