Minister Şimşek breaks down key economic issues on CNN TÜRK – Latest Updates
Treasury and Finance Minister Mehmet Şimşek recently appeared on CNN TÜRK to explain Turkey’s economic roadmap. Minister Şimşek highlighted several key points in his statements regarding the country’s economic progress.
He emphasized the significant reduction in Turkey’s current account deficit, which has been lowered from $57 billion to around $19 billion. This achievement has been accompanied by an increase in international reserves, reaching approximately $147 billion and expected to grow further. Notably, Turkey’s net reserves have improved by $78 billion, showcasing a strong improvement in financial stability.
Minister Şimşek also discussed the decrease in risk premium, with Turkey’s risk premium falling from over 700 basis points to below 270 basis points. This reduction has made external borrowing more affordable for Turkey, contributing to overall economic resilience.
Furthermore, Turkey’s removal from the grey list is a significant milestone, indicating an increase in the country’s reputation and credibility in the international arena. Minister Şimşek highlighted the importance of maintaining control over inflation to ensure sustainable economic growth and increased purchasing power for citizens.
Looking ahead, Minister Şimşek expressed confidence in the continued decrease in inflation, with expectations for inflation to fall to single digits by the first quarter of 2025. He emphasized that reducing inflation to single-digit levels is crucial for long-term economic stability and equitable income distribution in Turkey.
Overall, Minister Şimşek’s explanations on Turkey’s economic roadmap provide insights into the country’s progress in reducing fragility, controlling inflation, and attracting external resources for sustainable development.Turkish citizens can look forward to continued improvements in economic stability and resilience in the coming years.
