Türkiye does not face growth issues: Finance Minister Şimşek

RIYADH

Türkiye does not experience growth issues while combating inflation and inflationary pressures “will continue to fall” thanks to tight monetary policy, Turkish Treasury and Finance Minister Mehmet Şimşek has said.

Speaking at the Future Investment Initiative (FII) Conference in Saudi Arabia’s capital Riyadh on Oct. 30, Şimşek said that the resilience of the Turkish economy withstands the fragmentation in global trade.

"We have free trade agreements with approximately 54 countries around the world, and we export around 60 percent of our exports to these countries,” he said.

“While fragmentation is still a risk, Türkiye is more resilient to this risk, and now, the worst [of inflation] is behind us,” the minister added.

Inflation is declining and will continue to fall thanks to tight fiscal and monetary policies, according to Şimşek.

He noted that Türkiye has overcome its macroeconomic challenges and “the Central Bank’s reserves rose $100 billion in a year and a half.”

On the broad reform agenda of Türkiye, he said that green and digital transformation stand out, and with the country’s large economy and diverse production, the programs implemented are on track to reach their goals.

Şimşek mentioned that Türkiye’s ratio of public debt to GDP is at 26 percent, a low level compared to other countries, which offers an advantage for the country’s continued growth.

Türkiye’s growth rate has been above 5 percent on average in the last two decades, he said.

In a post on X, Şimşek said he held “productive bilateral meetings with my counterparts” on the margins of FII.

“The interest in our country continues to increase with the trust in our program. Our strong potential and policies will make our country an important regional center for international investments,” he added.