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Turkey’s new economy minister pledges to ‘return to the rational ground’
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1 year agoon
Mehmet Şimşek, Turkey’s newly appointed Treasury and Finance Minister, has pledged that his country would return to “rational ground” in its economic policies.
Mehmet Şimşek has said that the main goal of the Turkish government is to increase social welfare. While attending the handover ceremony, he said, “Transparency, consistency, predictability and compliance with international norms will be our basic principles in achieving this goal.” He also pledged to reduce inflation to single digits. He said, “Our main policy will support the central bank in the fight against inflation through the fiscal policy and structural reforms to be implemented.”
Earlier, Şimşek has served as the Minister of Treasury and Finance and Deputy Prime Minister between 2009 and 2018. He was named as the Minister of Treasury and Finance on 3 June 2023. Şimşek, who is also an economist, is highly regarded by financial markets.
High inflation and depreciation of the Turkish currency lira have affected the lives of people in Turkey. It also increased the cost of living. The weakened lira has increased prices of commodities, making imports, fuel and everyday goods more expensive.
According to Bloomberg, in 2022, Turkey and Argentina recorded the highest inflation rates among the Group of 20 (G20) nations. The inflation rate increased to almost 70 per cent in April 2022.
Recep Tayyip Erdoğan, the President of Turkey, aims to boost economic growth and employment. The economy of the country increased 4 per cent year-on-year in the first quarter of 2023.
Former Turkish Treasury and Finance Minister Nureddin Nebati acknowledged the challenging global financial conditions. He highlighted that Turkey wanted to boost investment, production and employment.
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In February this year, the central bank of Turkey cut its policy rate by another 50 basis points to support the recovery of the country after the destructive earthquakes that killed more than 50,000 people.
Mehmet Şimşek, Turkey’s newly appointed Treasury and Finance Minister, has pledged that his country would return to “rational ground” in its economic policies.
Aliza is a promising member of the Trends section at The Gulf Independent. She has a flair towards observing the latest food, movie, fashion, culture, business, technology and other other trending topics - delivering strongly factual and reliable news every day. Interest: Aliza holds a deep interest in bringing the audience the most recent information and incisive analysis on a variety of trending developments across the GCC. She believes in giving facts and creativity the front seat, producing articles that encourage deep conversations. Educate and Experience: Aliza entered the promising media industry in 2019, as she graduated from the prestigious King Faisal University in Saudi Arabia in Master of Media. Over the years, the journalist has produced innumerable thought-provoking and breaking stories, based on accuracy and integrity. Email id: [email protected]
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