Erdogan addressed an audience in the western region of Balkesir, “The interest will continue to decline with each passing day, every week, and every month, as long as your brother is in this position.
Since the central bank cut interest rates in a series of unorthodox monetary policy easing measures that Erdogan had long advocated, the lira plummeted and inflation has been growing in Turkey since November of last year.
The annual inflation rate in Turkey reached a new height in September, reaching 83.45%, the highest amount in 24 years.
In the first quarter of this year, the Turkish economy grew by 7.3%, according to data from the Turkish Statistical Institute released in May. The increase in exports and domestic and international demand caused it to grow by 7.6% on an annual basis in the second quarter of this year, somewhat more than anticipated.
Data from the Turkish Statistical Institute indicated a 2.1% increase in the GDP.
Due to a predicted downturn in Europe, Turkey’s biggest trading partner, demand is projected to decline both domestically and abroad in the second half of the year. The Turkish economy experienced its strongest recovery from “Corona” last year, growing by 11.4%, the most in ten years.
Erdogan: “As long as I am in office,” Turkey will keep cutting interest rates.
About Author
