Turkey Confirms Steady Economic Strategy Amid Global Doubts

(MENAFN) Turkish Finance Minister Mehmet Simsek emphasized on Tuesday that Turkey remains steadfast in pursuing "prudent, responsible and sustainable macroeconomic policies" despite persistent international financial instability.

His remarks came as he reiterated the nation’s economic agenda during meetings held in Washington, DC.

During a discussion hosted by the Atlantic Council alongside the spring sessions of the International Monetary Fund (IMF) and the World Bank, Simsek conveyed that the government’s initiative to bring stability to the Turkish economy is “on track.”

He underscored the consistency and effectiveness of the current economic framework.

Simsek noted that recent global market volatility presents challenges for inflation. However, he pointed out that decreasing oil prices and stricter monetary approaches could serve to relieve some of the inflationary pressures.

“Inflation is likely to stay well within the program target band,” he stressed.

He also emphasized Turkey’s strategic approach in response to worldwide policy unpredictability, stating, “Our response to global economic policy uncertainty is to stick to our prudent, responsible, sustainable macroeconomic policies.”

In light of global trade tensions, Simsek highlighted that Turkey’s favorable financial environment is supporting internal consumption and limiting the need for foreign goods.

He added, “With oil prices significantly lower, it implies that the actually current account deficit is likely to be lower than our program target,” suggesting a more favorable trade balance outlook for the country.

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