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

ANKARA, TURKEY - AUGUST 14: Turkish Treasury and Finance Minister Berat Albayrak addresses people at a symposium organized by the Foundation for Political, Economic and Social Research (SETA) on the 17th foundation anniversary of the ruling Justice and Development (AK) Party, in Ankara, Turkey on August 14, 2018. Metin Aktas / Anadolu Agency

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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  1. The more he talks and reassures people about how Turkey’s economy will prosper, inflation will be down, unemployment will be down, the worse the situation becomes. He just doesn’t get it and still thinks that the general public and investors (are there any left?) believe his nonsensical statements.

  2. He is right, it will after Erdogan is dumped( ore otherwise), the AKP is in opposition or maybe eliminated, after a real struggle up hill for at least 15 years to gain back the confidence of the world, investors and neighbors. But no way under Erdogan/ this AKP they think that they can overrule the world – investors like they do with Turks but they can not. Talk-talk-talk, they believe that the more they repeat it the more it is believed but the world is not like illeterated farmers.