Turkey primed for global economic challenges: Albayrak

By Hakan Copur, Kasim Ileri and Safvan Allahverdi

NEW YORK (AA) – Turkey is a well-prepared country in the most challenging period for the global economic system, especially approaching global challenges, Turkey’s treasury and finance minister said Wednesday.

“During the rebalancing phase, which we named so, our focus has been addressing major vulnerabilities of the economy and strengthening confidence,” said Berat Albayrak, speaking on the sidelines of the 74th UN General Assembly.

Albayrak stressed that Turkey has achieved a remarkable rebalancing process in the economy since the announcement of the economic program in September 2018.

“The annual inflation rate has declined considerably, the current account has improved considerably and economic activity has begun to recover starting in the third quarter,” he added.

Albayrak went on to say that Turkey kept implementing structural reforms to boost the recovery and bolster the economy in the long term.

“We have achieved significant progress on the inflation front in just a year, bringing down inflation by 10% from 25% in October 2018 to 15% in August 2019,” he said.

“Turkey didn’t take a single cent [from the IMF] during that time.”

*Erdogan Cagatay Zontur from Ankara contributed to this story.
Anadolu Agency website contains only a portion of the news stories offered to subscribers in the AA News Broadcasting System (HAS), and in summarized form. Please contact us for subscription options.

AdvertisementThe new Emirates Premium Economy has arrived on the latest Emirates A380 Emirates Get the best value from your summer holiday with exclusive offers and discounts across Dubai and the UAE with Emirates Pass

What do you think?