We’ve been implementing a program to help stabilize and transform [the] Turkish economy. And I can comfortably say that the program is broadly on track… the primary goal… is to attain price stability, to reduce inflation to single digits. It’s a work in progress.
Likely, growth is going to be pretty dismal this year. So that is going to have a negative impact on our export performance, understandably. But… domestic demand is likely to be weaker, which would likely translate into weaker imports… It implies that actually [the] current account deficit is likely to be lower than our program target.
If you go back to pre-global financial crisis… global trade was the main engine of growth. Since then, it's no longer so, meaning post-global financial crisis, global growth and global trade growth is almost at par. Going forward, I think there is risk that global trade fragmentation could be a drag on global growth.
Global trade fragmentation cannot be good for anyone. That includes us. We're not an island…
If [the] United States is going to really continue along the current trajectory vis-à-vis China… I think Türkiye is one of the very few countries out there with a sizeable manufacturing culture and capacity where we could see Türkiye’s integration in global value chains when it comes to the West in general to be strengthened… so Türkiye will be in a good position to attract Western investments or Western orders.
Mehmet Şimşek
Turkish Minister of Treasury and Finance
Mehmet Şimşek
Turkish Minister of Treasury and Finance
Mehmet Şimşek
Turkish Minister of Treasury and Finance
Mehmet Şimşek
Turkish Minister of Treasury and Finance
Mehmet Şimşek
Turkish Minister of Treasury and Finance