Trade Minister Ömer Bolat said Thursday that Turkey has reached its lowest inflation levels in 48 months, citing improved price stability, stronger currency markets and rising foreign reserves.
Speaking at the opening of the Konya Promotion Days at Istanbul’s Atatürk Airport Nation’s Garden, Bolat said the decline in inflation shows the economy is “on the right track.”
He added that Turkey’s economy has grown for 21 consecutive quarters, averaging 5.4% annual growth over the past 23 years.
Bolat credited President Recep Tayyip Erdoğan’s leadership for expanding the economy sixfold, boosting per‑capita income more than fivefold and increasing exports 7.5 times.
He said Turkey is set to rise to 16th place globally in nominal GDP and 11th in purchasing power parity.
Despite challenges from the COVID‑19 pandemic, the war in Ukraine and terrorism, Bolat said inflation will continue to fall, exports will rise and external balances will improve.
