Turkish President Erdogan Vows to Fight Inflation
Erdogan’s Determination
Turkish President Recep Tayyip Erdogan said on Tuesday that Ankara was determined to solve the problems of the high cost of living, and recent data strengthen the government’s determination to fight inflation.
Fall in Inflation
Speaking after the first cab meeting after his election to a third term last month, Erdogan noted that annual inflation fell below 40% in May and said the government would bring it below 10%. %.
Currency Crisis
Inflation in Türkiye has reached levels record in 2021 due to a currency crisis, which prompted Erdogan to pursue unconventional policies to combat it.
Return to Traditional Politics
The appointment of Mehmet Şimşek, highly regarded by the financial markets, as finance minister marked a prelude to the return of traditional politics.
In conclusion, Erdogan’s vow to fight inflation and bring it below 10% is a positive step towards stabilizing the Turkish economy. It remains to be seen if his unconventional policies will be successful, or if a return to traditional politics will be the solution. Nheless, the fall in annual inflation in May is a promising development that demonstrates the government’s determination to alleviate the financial burden on Turkish citizens.
