President Erdoğan's Statements on US Relations and Economy
President Erdoğan highlighted the strength of the strategic partnership and the targets of the economic program at the Turkey-US Business Council Meeting held at the Türkevi.
President Recep Tayyip Erdoğan emphasized that strategic cooperation between the two countries is developing in all fields and shared the core components of the implemented economic program during his speech at the Turkey-US Business Council Meeting held at the Türkevi.
Location of the Meeting
President Recep Tayyip Erdoğan addressed participants at the Turkey-US Business Council Meeting held at the Türkevi. He expressed his gratitude to the U.S. Chamber of Commerce and business councils that organized this gathering, as well as to the Foreign Economic Relations Board.
Components of the Economic Program
Answering businesspeople's questions regarding the economic program and targets, Erdoğan shared the four elements forming the foundation of the program they implement. These elements were explained as price stability, fiscal discipline, sustainable external balance, and structural transformation.
Inflation and Disinflation Process
It was emphasized that progress has been made in all of these four principles despite wars in the region over the past year. It was stated that core goods inflation has dropped to its lowest level since 2020, and rental inflation to its lowest in the last four years.
Year-End and 2027 Targets
Within the framework of current conditions, the year is projected to close at around 28 percent. Furthermore, belief was expressed that 2027 will be a stronger period in terms of the disinflation process.
Fiscal Discipline and Budget Situation
It was stated that they are in a good position on the side of fiscal discipline, and tax cuts were made to protect citizens and the real sector from rising fuel prices. It was reported that by demonstrating performance beyond the target in the budget, the year will be closed with a budget deficit of 3.1 percent relative to the national income.
Debt Ratios and External Balance
It was noted that the ratio of public debt to national income in Turkey is below 22 percent. In terms of external balance, it was conveyed that current account deficit and external debt indicators are kept below the averages of the last 20 years.
Cooperation in the Energy Sector
It was stated that America ranks first among LNG suppliers. It was expressed that the aim is to expand this cooperation to the entire energy field, including nuclear energy.
Strategic Transformation Areas
Attention was drawn to the acceleration of transformations such as the repositioning of supply chains in the region, the drawing of energy routes, and the changing of trade corridors. Turkey's strategic position in defense and advanced technology fields was highlighted.