Turkey to follow China’s economic growth strategy: Erdoğan
Turkey can produce goods cheaper and sell those products to other countries and raise revenues in U.S. dollars like China has done, but Turkey has more advantages in terms of luring foreign investments, President Recep Tayyip Erdoğan has said.
In a meeting with senior officials from the ruling Justice and Development Party (AKP) earlier this week, Erdoğan discussed and explained the new road map for the economy which the government is now pursuing, noting that the economic outlook will improve in four to five months and the new economic model will start to yield results in six months.
“We have chosen the difficult path, but the citizens will start to feel the positive effects,” Erdoğan said.
“We have started a new era to break the grip of interest rates and achieve economic growth based on production. We will lure foreign investors. This is how the Chinese economy has grown with its young population, industry and production…Turkey has more advantages compared with China, we are closer to the market,” the president said.
He noted that countries like China and Germany have been pursuing low interest rate policies for years and stressed that the Turkish economy should also grow by focusing on production and its young population “not with interest rates.”
Over the past 19 years, the government has carried out large-scale investment, such as roads and bridges, Erdoğan said, stressing the determination to lower interest rates and in six months the decisions taken within this new economic model will yield results.
“People will prosper, and their purchasing power will increase. The current account deficit will decline. We will become a nation where the interest rates are low and is focused on industry,” the president said.