2017 will be better than 2016, Turkish PM tells bosses

ANKARA

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Amid deterioration in a number of economic measures and a plunging Turkish Lira, Prime Minister Binali Yıldırım has told the Turkish Industry and Business Association (TÜSİAD) Supreme Advisory Board meeting that the country has “stability and confidence.” 

“There is stability in Turkey. There is confidence. The biggest reason for our 27 consecutive quarters of growth is stability and trust. Because you knew this, you poured money in and invested … Don’t be worried by this year. 2017 will be much better,” Yıldırım said at the meeting, which took place at the Sheraton Hotel in the capital Ankara.

He also downplayed the effects of the sharp depreciation in the value of the lira. 

“This fluctuation will probably continue for another month or one-and-a-half months, until around Jan. 20. After the president-elect of the U.S. takes office on that date, predictability will increase a little and things will fall into place,” Yıldırım stated.

The prime minister also noted that Turkey had gone through similar exchange rate fluctuation periods during the ruling Justice and Development Party’s (AKP) time in power since 2002. 

“There was such a fluctuation in 2006, when money fled abroad. We experienced the same in the 2008-2009 global economic crisis, and we also experienced it after the Gezi Park incidents [in summer 2013]. We will overcome this. There is no need to worry. I am saying this with absolute confidence, not just so that you hear nice things,” Yıldırım said.