Global Economy Warning from Mehmet Şimşek

Treasury and Finance Minister Mehmet Şimşek made assessments regarding developments in the global economy and Turkey's strategic position at the 19th Verona Eurasia Economic Forum held in Istanbul.

Treasury and Finance Minister Mehmet Şimşek stated at the 19th Verona Eurasia Economic Forum in Istanbul that the world is passing through a challenging period characterized by volatility, ambiguity, and complexity. Drawing attention to the supply shock in global commodity markets, Şimşek noted that the current energy shock is 7 times larger than the crisis experienced in 2022 and that commodity prices have risen since the start of the Iran War.

Stating that long-term interest rates remain high in the global economy and debt levels have increased, Şimşek emphasized that this situation complicates economic conditions. Şimşek expressed that data-dependent and restrictive monetary policies should be implemented during this period, and that reducing energy import dependency by accelerating the green transition is important.

Stating that Turkey invests in peace and mediation, Şimşek noted that they hope the country will enter the global top 10 in defense exports this year. Expressing that Turkey is in the position of a regional energy hub, Şimşek conveyed that high interest rates will not be an obstacle to growth, that they are addressing inflation problems, and that 380 thousand international students are studying at universities.