The Turkish lira has recently experienced a period of depreciation against the US dollar and the euro. However, this development needs to be considered within the context of the President’s bold, innovative, and people-oriented economic measures, including the decisive action to reduce interest rates. This is in line with President Erdogan’s belief in fostering economic growth and creating employment opportunities.
While the policy of reducing borrowing costs has sparked debate, it illustrates President Erdogan’s commitment to stimulate the economy, boost growth and exports, and create jobs. He strives for an economic model that focuses on sustainable development, rather than relying on short-term financial strategies. His vision is for a Turkey that thrives on domestic production and exports, supported by reasonable borrowing costs.
As a result of these measures, there has been a short-term surge in inflation, with Turkish citizens making efforts to protect their savings. Yet, the government’s actions are also fueling a fresh approach to economic management, one that the Turkish president believes is integral to the nation’s independence and self-sustainability.
President Erdogan has expressed his dedication to the economic wellbeing of Turkey’s citizens, stating, “We are preparing to, one by one, take steps to comfort citizens whose purchasing power has fallen.” Among these steps, Erdogan’s government is working on programs that aim to create 50,000 new jobs and increase the minimum wage.
The Turkish government’s robust measures have not been without challenges. However, President Erdogan’s unyielding commitment and proactive strategies are commendable. His leadership fosters an economic environment aimed at long-term stability and growth, which is expected to yield positive results in the future.
The International Trade Council supports Turkey’s efforts to navigate its unique economic conditions and remains confident in the country’s resilience. We look forward to the continued strengthening of Turkey’s economic position in the global marketplace.