Treasury and Finance Minister Mehmet Şimşek speaks in Riyadh: "The worst is behind us, inflation is falling"

Treasury and Finance Minister Mehmet Şimşek spoke at the "Policymakers Panel: Can Leaders Offer Optimism Instead of Caution?" during the 8th "Future Investment Initiative Conference" held in Riyadh, the capital of Saudi Arabia.

Addressing Turkey's inflation scale in his speech, Şimşek made striking remarks, stating that Turkey is not experiencing growth problems in its economy.

Arguing that the Turkish economy is resilient against fragmentation in global trade, Şimşek said, "We have free trade agreements with approximately 54 countries worldwide, and we conduct about 60 percent of our exports to these countries. Fragmentation in trade is a real risk, but we tend to benefit from supply trends in nearby and friendly geographies. Therefore, although fragmentation is a risk, we are more resilient against this risk."

'INFLATION WILL CONTINUE TO FALL'

Drawing attention to developments in the Turkish economy, Şimşek assessed, "The worst is behind us, inflation is falling, and it will continue to fall thanks to tight fiscal and monetary policy."

Stating that Turkey has overcome many macroeconomic challenges, Şimşek used the expression, "Central Bank reserves have increased by 100 billion dollars in 1.5 years."

Noting that Turkey has not experienced growth problems while fighting inflation, Şimşek pointed out that the average growth rate in the country over the last 20 years has been above 5 percent.

News Source: 12punto