Türkiye accelerates steps to reduce uncertainty in economy, says deputy president

By Gokhan Ergocun

ISTANBUL (AA) – Türkiye has accelerated steps to reduce uncertainty and increase predictability in the economy, the Turkish deputy president said on Friday.

Speaking at the 7th Istanbul Economy Summit, Cevdet Yilmaz said the country is continuing to make policies to ensure fiscal discipline and structural reforms.

The two-day summit, which began on Friday, brought together experts, private sector representatives, and officials from Türkiye and other countries to discuss the main theme of "Sustainable Living and Smart Cities."

The first such event was held in Germany this year at the end of September.

While the Central Bank of the Republic of Türkiye is realizing updated policies, the country, on the other hand, implements policies based on fiscal discipline.

"Today, our priority is to reduce the inflation rate," he said, noting that the country's reserves have hit record levels recently and will continue to rise.

The country will decrease both current account and budget deficits, he underlined.

He recalled that the country's average economic growth rate over the last 20 years has been 5.1%, while the global average has been 3.6%.

He noted that the Turkish GDP is expected to reach $1.1 trillion this year.