inflation to mitigate soon like turkey economy model yields results

Turkey’s exports are close to $300 billion threshold By breaking records every month, President Recep Tayyip Erdogan said Thursday as the country tries to weather the economic crisis with a model that promote growth via Exports, employment and production and a current account surplus.

President also He said that the negative impact of Inflation will begin to mitigate of the start of The new year Thanks for the measures you took government.

Erdoğan sent a video message to the Turkey Summit 2023 and the financial talks organized by the Turkovaz Media Group in Istanbul.

Erdogan expressed his hope that the summit will be useful media group on The event that saw participation of Many respected names and thanks to all participants who enriched program with their ideas, offers, and ratings.

Noting that world He goes through a painful process over The last Three years started with The pandemic then grew more complicated with Hot conflicts and regional tensions, Erdogan said that energy, food and raw material prices reached highest levels in Recent years, and subsequent inflation problem he is issue All economies facing.

Meanwhile, he said, the classic approach to lowering inflation by raising interest rates has not met Forecasts so far adding that many economies are trying to rein in inflation with these policies struggling with business losses and facing a cost-ofA living crisis.

Under the country’s economy program, it is called the Turkish “Turkish Economy Model”. government It gives priority to low interest rates to boost exports, production and investments, with the aim of lowering inflation and reversing the chronic situation in the country current account deficit into surplus.

in the layout with The modelcentral Turkey bank in that it last Meeting in lowered her november key policy rateor the oneRepo week rateby 150 basis points to 9.0%.

The lender said the facilitation cycle started in The month of August ended when that was assessed current policy rate At an adequate level, taking into account the increased risks to global demand.

Price increases are moderate in Turkey in November, recently official The data showed, indicating inflation pressures plaguing consumers for About year and a half Relief may be last.

annual consumer price CPI decreased to 84.39% last Month of the Turkish Statistical Institute (TurkStat) announcedending a 17-month cycle of Rises.

dropped from 24-year summit of 85.51% in October and distinguished first The time annual inflation has subsided since May 2021, when the CPI reached 16.6%.

Emphasizing that Turkey is one of The countries which went through an economically turbulent period relatively comfortably thanks to its strong infrastructure and economic model, Erdogan added: “Our industrial zones, factories and manufacturing facilities are operating hard. Our roads and highways full of Trucks and trucks carrying cargo from our country to Europe, Asia and the Middle East.

Turkey’s exports remained buoyant and rose 15.4% from January to October this year year to $209.5 billion, according to official data, hitting a 10-month high on record.

Turkey has set $250 billion export target for this is yearafter reaching A record $225 billion in 2021.

Erdogan also He indicated that Turkey had arrived new Step bypass compensation for losses in tourism sector that was hit More than an epidemic, highlighting that it worked in Exceeding the 31 million mark in Recruit for The first time.

Tourism revenue is vital for Turkey economy in access it current Account surplus goals.

The government I raised her yearEnding tourism targets for The second time this year in Late October. It now expects 50 million tourists and $44 billion in Revenues , up From 47 million tourists and 37 billion set in July, 45 million arrivals and 35 billion dollars in The income you initially estimated of The year.

Power supply security

The President also expressed that efforts are continuing to commission 540 billion cubic meters (bcm) of Discovery of natural gas in Black Sea reduce country’s dependence on energy.

Meanwhile, Minister of Energy and Natural Resources Fatih Dunez, also Delivery online letter to eventHe mentioned that Turkey has the infrastructure and technical equipment international knowledge and experience for production and import trade and export of natural gas.

“Our goal is to become a gas trade The center where reference gas prices are set in The region And the in The world. We hope to clarify our roadmap on this is issue towards the end of The year,” He said.

indicating that they are looking forward To bring domestic gas to the Turkish nation in 2023 and those nine out of 10 wells have been drilled in the range of The first phase of The workDunms said, “85% of The Velios land gas processing facility, which will separate gas from the sea, has been completed.

“I hope the Sakarya gas field will be the world’s fastest growing offshore field development project From exploration to first production” minister He said.

Dunms also He noted that the expansion is 4.6 billion cubic meters phase of The natural gas storage facility in Silivri has been completed and we hope to open it next week with to share of President Erdogan.”

Regardless of investments made in Renewable energy sector, Turkey is aiming for reduce dependency on Foreign energy and external financing need more pressure relief on The current Account balance by running the discovered natural gas in Black Sea by 2023.

Exit mobile version