Turkish President Recep Tayyip Erdogan said inflation is not an “insurmountable economic threat”, adding that it will begin to decline at the end of the year after jumping to more than 80% in August.
As part of Erdogan’s economic program, Turkey gradually reduced interest rates by 500 basis points by the end of last year, causing a currency crisis in the country. Authorities also cut interest rates again by 100 basis points to 13 percent in August.
Valley The sharp depreciation of the liraby 44% last year and another 27% so far this year, a domestic price escalation which, coupled with rising global energy and commodity prices, has pushed inflation to the highest level of the last 24 years.
“I am an economics expert”
Erdogan, who has virtually no economic experience, said:inflation It is not an insurmountable economic threat. I am an economics expert “.
He added in a television interview (BBS) that inflation will decline after the end of the year. Economists share this view, stating that the annual rate will decline from the beginning of December given the Sharp rise in prices In the same period last year, while prices will continue to rise on a monthly basis.
.added Erdogan Some countries have already been hit by inflation of between 8 and 9%, while Turkey faces a rate of 80%.
He went on, according to the text of the interview published by the Turkish presidency, “The store shelves are not empty in the markets of my country. But the shelves are also empty in the United States, and they are empty in France, and they are empty in Germany” .
“Citizens here can find any kind of product they want to buy in the markets,” he added.
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