Jan 11 2019

Turkey to beat estimates for economic growth, Erdoğan says

Turkish economic growth last year will exceed estimates, President Recep Tayyip Erdoğan said.

Turkey will give a lesson to those who have been predicting that the country was sunk, Erdoğan told local officials of his party in Ankara on Friday during a speech focused on March 31 local elections, according to Milliyet newspaper.

Erdoğan’s government announced a raft of measures this week to help stimulate the economy, which contracted by 1.1 percent on a quarterly basis in the three months to September. Annual economic growth is expected at 3 percent in 2018 and 1.5 percent in 2019, according to a December survey by the central bank.

The Turkish economy is ranked 13th globally in terms of purchasing power parity and some people will be “throwing themselves from windows” when Turkey improves its position by the end of the year, Erdoğan said.

Erdoğan also underscored the government’s record on inflation, saying price increases had averaged an annual 9.5 percent since it took power in 2002 compared with 70 percent previously during 14 years of coalition governments.

Inflation in Turkey currently stands at 20.3 percent, down from a 15-year high of 25.2 percent reached in October.