Turkish economy resilient against shocks, Erdoğan says

ISTANBUL

The Turkish economy has proven its resilience against shocks and turbulence stemming from internal and external developments, President Recep Tayyip Erdoğan has said, informing that the Central Bank reserves have started to grow this week.

“We have successfully passed the test over the fluctuations experienced in the last one-and-a-half months. We have seen once again how resilient our program is against the sabotages,” Erdoğan said in his address at a business group convened in Istanbul on May 9.

Erdoğan referred to the turbulence the Turkish economy has passed through following the arrets of Istanbul Mayor Ekrem İmamoğlu and other senior officials over corruption allegation in mid-March.

Erdoğan said that the reserves of the Central Bank started to increase from this week in a sign of recovery from the economic turbulence.

Despite global economic and political stresses, the economic program the government is implementing continues to yield results as the inflation has reduced to its lowest level in the past 40 months, Erdoğan said.

“As the government, we have necessary plans, projects and a will to dock our ship from the stormy seas. We are following our program in a patient and calm way despite flourishing crisis every day,” the president suggested.

The government’s fight against high cost of living and inflation will continue with an objective of running a sustainable development program, Erdoğan said, also admitting that this will take time due to ongoing political crisis in the world accompanied with uncertainties.

Erdoğan, in his address, continued his criticisms against main opposition Republican People’s Party (CHP) leader Özgür Özel for complaining about the developments in Türkiye to foreign media and institutions.

“With his calls for boycotts, he is giving harm to Türkiye, to our exporters, businessmen and industrialists,” he said.

"It is time for the opposition leader to normalize as soon as possible. I call on him to do politics in a responsible way and focus on the country’s real agenda."