Cevdet Yılmaz: 'The Turkish economy has surpassed the global average growth rate'

Vice President Cevdet Yılmaz made economic assessments at the “Non-Governmental Organizations and Business World Meeting” held in Samsun. Stating that the world economy is going through a difficult period, Yılmaz pointed out that trade has also lagged behind growth. Noting that protectionism is increasing globally, Yılmaz expressed that power struggles and uncertainties are affecting decision-making mechanisms.

Touching upon Turkey's recent economic performance, Yılmaz said, “When we look at last year, our national income has exceeded 1.6 trillion dollars. Our per capita income has risen to the 18 thousand dollar level. Turkey is now becoming an actor in the top league of the economy.”

Pointing out that artificial intelligence, digitalization, and green transformation are at the center of not only economic but also development strategies, Yılmaz said, “A more sustainable model integrated with digital technologies is now dominant. As Turkey, we are carrying out our strategy with an awareness of these developments.” Cevdet Yılmaz emphasized that the Turkish economy has recorded a growth of 34.8 percent compared to the global economy in the 6-year period up to 2025, while this rate remained at 18.8 percent worldwide.

Yılmaz stated that while some countries in Europe have not yet reached pre-pandemic levels, especially in industrial production, a 30 percent increase has been observed in industrial capacity and production in Turkey. “We need to ensure that our growth and trade increase in a sustainable way and carry them into the future with productivity,” he said.

Recalling OECD, World Bank, and IMF data, Vice President Yılmaz reminded that Turkey became the world's 11th largest economy last year according to purchasing power parity, and the 16th largest in nominal dollar terms.

Expressing that Turkey has moved from the middle-income level to the high-income group in the last 23 years, Yılmaz stated that in addition to the progress made in infrastructure and democracy, the country must make a new breakthrough, adding, “In accordance with our historical mission, we aim to carry Turkey to a much higher league. This will be achieved through joint effort.”

POLICIES AGAINST GLOBAL AND REGIONAL RISKS

Yılmaz pointed out that the war environment in the region creates serious costs not only in humanitarian terms but also in economic and environmental terms. “The war in our region has imposed costs that spread to the whole world, from logistics to energy and fertilizer prices. As Turkey, we are not participating in this fire, and we are conducting diplomacy to ensure peace. We are a country that favors peace,” he said.

Stating that the negative effects of the war on inflation and growth have been reduced with the measures taken in the economy, Yılmaz explained that practices limiting the reflection of energy costs to the consumer and import and stock management to prevent supply problems in agricultural inputs have been prioritized. “Turkey is a country that has diversified its resources and ensured its supply security. Although we have been negatively affected by price increases, we have not experienced supply shortages in basic products,” he said.

Expressing that countries that follow stable and predictable policies stand out in periods of chaos and crisis, Yılmaz pointed out that the costs that arise in the short term will create new opportunities for Turkey in the medium term.

Stating that an environment of peace and trust is a prerequisite for development in Turkey, Yılmaz said, “No one will have the power to disrupt Turkey's stability. We are walking towards greater goals in the Century of Turkey. I especially want to underline the ‘Terror-Free Turkey’ process. We estimate that the economic loss caused by terrorism is at least 2 trillion dollars. By getting rid of this burden and transferring our resources to development, our level will rise even further.”

News Source: 12punto