President Erdoğan: With its 1.8 percent growth, Turkey was one of the few countries within the OECD and G20 to have grown in 2020, when economies were deeply shaken
President Recep Tayyip Erdoğan addressed the nation following the Presidential Cabinet Meeting at the Presidential Complex.
“Last year, the world went through highly difficult times that were testing for all the economic and social orders. Many countries resorted to unprecedentedly expansionist policies within the limits of their capabilities in a bid to alleviate the effects of the crisis. Contraction in global economy, however, couldn’t be prevented,” the President said.
“TURKEY WAS VERY SUCCESSFUL IN DEALING WITH THE ADVERSE EFFECTS OF THE PANDEMIC”
Drawing attention to Turkey’s success in dealing with the adverse effects of the pandemic, President Erdoğan said: “With its 1.8 percent growth, Turkey was one of the few countries within the OECD and G20 to have grown in 2020, when economies were deeply shaken. The decisive and effective policies we introduced in order to ease the negative impacts the anti-pandemic measures had on the economy as well as the steps taken to support growth played a significant role in this success.”
President Erdoğan stated: “The Turkish economy continued to grow uninterruptedly since the global crisis despite all the negative developments regarding both the internal and external conjecture. The first half of this year also witnessed a strong growth. We achieved an annual growth rate of 7.2 percent in the first quarter of the year and 21.7 percent in the second quarter. Turkey was second only to the UK in the world with this success.”
Noting that the industrial production, also supported by strong export, grew strikingly and became the driving force behind the growth, President Erdoğan pointed out: “The 6.9 point contribution by the foreign demand besides the strong outlook in domestic demand was also decisive in our performance in the second quarter. The 20.3 percent growth in our fixed capital investments in this period was particularly pleasing.”
“OUR EXPORTS CONTINUE TO BREAK NEW RECORDS”
“Another positive development is that our machinery equipment investments have been growing for seven quarters in a row since the third quarter of 2019. Without doubt, these investments will further expand our production capacity and growth potential,” President Erdoğan added.
“Another eye-catching feature of this year in terms of growth performance is that we will be achieving a high growth rate with a low current deficit,” President Erdoğan said. “Our exports continue to break new records. Our annual exports exceeded 207 billion dollars as of August. Our share from the global exports has been growing as well.”
