Erdoğan says int'l capital inflows, reserves soaring

ISTANBUL

President Recep Tayyip Erdoğan has expressed optimism about Türkiye's economic performance, revealing that international capital inflows have surged and the country's total reserves have surpassed $145 billion.

"Despite hot conflicts, crises, and increasing uncertainty in the global economy, we consider the historical record we broke in exports precious," Erdoğan stated, referring to the recent announcement of $255.8 billion in exports for the year 2023.

In an address at Istanbul's Çırağan Palace on Jan. 5, Erdoğan underscored his administration's "commitment to its growth targets," asserting that the benefits of the expanding economy would reach all 85 million citizens through the creation of added value. "As the Turkish economy grows, all 85 million people will benefit from the added value that will emerge," he said.

The president highlighted the positive trends in international investment inflows and reduced exchange rate movements, revealing that the total reserves of the country's central bank have reached $145.5 billion.

"Every global crisis brings new opportunities for Türkiye to grow and move up the competitive league. The decline in Türkiye's risk premium and the diversification of the real sector's access to long-term financing are promising developments in this direction," he remarked.

According to October 2023 data, employment in Türkiye reached 32 million, representing an increase of 812,000 compared to the same period in the previous year, the president informed.

"While much greater achievements await Türkiye, the key lies in protecting our unity and solidarity," he stated.

Addressing the influence of technological advancements on the workforce, Erdoğan pointed out that the twin transformation of digitalization and green initiatives significantly impacts working life. "Changes in technology are closely related to working life and employers, as in other fields," he stated.

The president also provided insight into the economic roadmap for the next five years, expressing "full confidence in the country's economic management and its policies." Despite geopolitical risks, he noted that decisions have started to yield positive results.

Anticipating a clear decline in inflation in the second half of 2024, Erdoğan assured that fiscal discipline would not be compromised and affirmed ongoing efforts to create financing opportunities supporting investment and exports.