Turkey to reach double-digit GDP growth rate by year-end, says president

ANKARA

Turkish President Recep Tayyip Erdoğan said on Nov. 4 the country's economic growth rate could reach double digits by this year's end, considerably upping estimated figures by international organizations.

Although international organizations' estimates for the year-end growth rate of the Turkish economy is 9%, we think that we will reach double digits, Erdoğan said in a video message at the Turkey 2023 Summit.

Recalling that the country's gross domestic product (GDP) growth rates were 7.2% and 21.7% in the first two quarters, he said the country will continue to prosper.

He went on to say that there is hope for winning the fight against the coronavirus and steps to normalize the health, transportation, education, and trade sectors were bearing fruit.

The global economy, which narrowed last year, is regaining foothold, production and export activities are increasing, and there is a strong recovery in tourism, he said.

"However, as humanity solves the issues regarding the health dimension of the pandemic, it faces different problems; global inflation, like the economic recession last year, is the most serious problem facing humanity today," Erdoğan added.

He noted that shelves inside supermarkets were left empty due to problems in supply chains leading to an increase in prices of utilities and further burdening the public.

"This situation led to an increase in racism, Islamophobia, and xenophobia, especially in Western countries," he said.

In the face of these threats which are also affecting Turkish citizens abroad, Turkey has devised and implemented policies to safeguard their interests, he said.

He noted that many developed nations had shut off economic activity due to the pandemic, but Turkey continued production while complying with health measures.