President Erdoğan: The Turkish economy will have many more success stories
President and Party Chairman Recep Tayyip Erdoğan spoke at the party’s group meeting at the Grand National Assembly of Turkey (GNAT).
“TURKISH ECONOMY HAS GAINED SIGNIFICANT RESILIENCE AGAINST SHOCKS”
Drawing attention to the distance the Turkish economy covered over the past 19 years, President Erdoğan said: “The Turkish economy has gained significant resilience against shocks. We have acquired the ability to overcome crises, including the global ones, with smaller damage and in a shorter span of time. We have outperformed many developing countries and started to compete with developed countries thanks to our strong industrial infrastructure and innovative capability. The Turkish economy, which ranked 18th globally in terms of purchasing power parity when we came to power, has now risen to 13th place. We have tripled our national income from 238 billion dollars to 717 billion dollars despite the groundless turbulences in exchange rates. As a result of the economic stability as well as the increasingly favorable investment environment, the proportion of private sector fixed capital investments to our national income has increased from 14.8% to 22.6%. We have cut consumer inflation from 29.7% in 2002 down to 6.2%.”
“The level we have reached in macroeconomic indicators of course point to an important success; however, we don’t regard it to be sufficient. Given its potential, the Turkish economy will have many more success stories,” the President added.
“THE ENVIRONMENT OF TRUST AND STABILITY HAS BOOSTED FOREIGN DIRECT INVESTMENTS IN TURKEY”
Underscoring that Turkey’s EU-defined general government debt stock to gross domestic product ratio has declined to some 39.5%, which once stood at 71.5%, President Erdoğan, also touching upon export figures, said: “There is a continuing upward trend in our export figures, with a 2.5% increase in January, 9.5% in February and 16.3% in March this year. March was a month during which we broke all-time record with an export figure of nearly 19 billion dollars.”
Further stressing that Turkey has put a new and important line into service in its foreign trade by launching uninterrupted railway freight from Europe to China, President Erdoğan noted: “The environment of trust and stability has also boosted foreign direct investments in our country. While the total foreign direct investment flow in our country was 18.8 billion dollars when we took office, it reached 213.2 billion dollars as of 2020.”
