Minister Şimşek: Inflation is on the Decline – Update
Turkish Economy Minister Chairs Panel at Saudi Arabia’s “Future Investment Initiative Conference”
Turkish Economy Minister Mehmet Şimşek recently spoke at the “Future Investment Initiative Conference” in Riyadh, Saudi Arabia. The conference, now in its 8th year, is one of Saudi Arabia’s most prominent events on a global scale. Şimşek chaired a panel titled “Policy Makers Board: Can Leaders Offer Optimism Instead of Being Cautious?”
During his speech, Şimşek highlighted the resilience of the Turkish economy in the face of global trade fragmentation. He noted that Turkey has free trade agreements with approximately 54 countries and exports around 60 percent of its goods to these nations. Despite the risks of trade fragmentation, Şimşek expressed confidence in Turkey’s ability to benefit from supply trends in neighboring regions.
Şimşek also provided an overview of recent economic developments in Turkey, stating that the worst is over in terms of economic challenges. He highlighted the country’s success in reducing inflation and increasing Central Bank reserves by $100 billion in the span of 1.5 years.
The Economy Minister emphasized Turkey’s broad reform agenda, which includes initiatives focused on green and digital transformation. He expressed satisfaction with the progress of these reforms and highlighted Turkey’s production diversity as a key strength.
One notable point made by Şimşek was Turkey’s low public debt to GDP ratio of 26 percent, which he described as advantageous for the country’s growth prospects. He also highlighted Turkey’s consistent economic growth, with an average growth rate of over 5 percent in the past two decades.
Overall, Şimşek’s participation in the conference shed light on Turkey’s economic resilience and ongoing efforts to drive sustainable growth and prosperity in the country.
