Turkish economy will prosper with employment increase, sharp drop in inflation: minister

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Turkey’s economy will prosper since employment levels are expected increase, accompanied by a sharp drop in inflation, Treasury and Finance Minister Berat Albayrak said on Sunday, the Hürriyet Daily News reported.

“Turkey will have reached a more balanced position by the end of 2019, especially in inflation and unemployment. We are entering a period in which employment will increase even more,” said Albayrak, speaking on CNN Türk.

According to the figures Albayrak provided, based on social security registrations, at least 520,000 more people became gainfully employed in March and April.

“Turkey has gone through tough times; yet, the end is gradually coming closer. The light at the end of the tunnel is becoming brighter,” he said.

The minister also stressed that 2020 and 2021 will be better for Turkey as the negative effects of the currency fluctuations of 2018 will recede.

“We are aiming for a more Turkish lira-centered process in the coming period. Of course, fluctuations have impacts. We can say that our imports in particular have been negatively affected,” he said.

The lira hit an eight-month low last week after the Supreme Election Board (YSK) canceled the İstanbul election results. The lira later recovered after Turkish state banks sold billions of dollars to support the national currency.

Many economists believe Turkey has been in a long recession with skyrocketing prices causing inflation along with high unemployment and high interest rates.

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