Minister Şimşek: Turkey Will Continue Its Fight Against Inflation with Determination

Treasury and Finance Minister Mehmet Şimşek shared Turkey's goals of strengthening its strategic position in global trade, logistics, and production during his speech at the opening of the 19th Verona Eurasia Economic Forum held in Istanbul. Drawing attention to the advantages of low indebtedness and a young population, Şimşek stated that they are implementing holistic policies to overcome high inflation and will continue the fight against inflation.

Speaking at the 19th Verona Eurasia Economic Forum in Istanbul, which started with the support of the Independent Industrialists and Businessmen's Association (MÜSİAD) and Ibn Haldun University with the participation of representatives from more than 30 countries, Treasury and Finance Minister Mehmet Şimşek pointed out Turkey's importance in global trade and logistics networks. Stating that Turkish Airlines is the company flying to the most destinations in the world, Şimşek noted that freight transport by rail from China to England takes 18 days and that some of the fastest connections between Beijing and London are provided via Turkey. Stating that they support peace and stability against regional conflicts, Şimşek announced that they are negotiating free trade agreements with Japan, Indonesia, Gulf countries, and Canada within the framework of rules-based trade.

Minister Şimşek reported that Turkey's resilience against economic shocks has increased thanks to its low level of indebtedness, with the budget deficit-to-GDP ratio being approximately half of the emerging markets' global average and public debt being at one-third of that average. Emphasizing that the country has a 18-20 year window of opportunity thanks to positive growth in the working-age population, Şimşek stated that they are investing in 5G, fiber infrastructure, and nuclear energy within the scope of artificial intelligence preparations. Stating that they expect national income to reach approximately $1.8 trillion this year at current exchange rates and approximately $4 trillion according to purchasing power parity, Şimşek reiterated that they will support the business world.