President Recep Tayyip Erdogan on Wednesday said he was optimistic about Turkey’s financial position in the coming year.
“By reducing inflation rates to single digits and cutting interest rates, we have cleared the air in our country. God willing, 2020 will mark a year where interest rates are going to fall further,” Erdogan said, speaking at the headquarters of the ruling Justice and Development (AK) Party in capital Ankara.
The president said Turkey experienced an average growth rate of 5.6% between 2003 and 2018 and it became the world’s 13th largest economy based on purchasing power parity.
He went on to say that Turkey enjoyed an investment ratio of over a trillion Turkish liras ($175.5 billion) at present, a figure much higher than 70 billion liras ($12 billion) annually in early 2002.
“The export ratio worldwide has declined by 2.6% in the first nine months of 2019, whereas Turkey’s exports have increased by 2.9%,” he said.
The export in the general trade system surpassed $180 billion and broke new records each month, he added.
“This table shows that the current account deficit is no longer the weak spot of our economy,” he said.
“Although there has been a slight increase in our public borrowing rate due to the increase in interest and exchange rates, we are still in a very good position compared to EU criteria,” he said.
Erdogan went on to underline that the majority of the international companies continued to invest in Turkey, despite smear campaigns by Western media outlets and anti-Turkey lobbies.
He urged entrepreneurs to invest in Turkey in any field, adding that doors of the country’s banks were open to offer better interest rates.