Light at end of tunnel becomes brighter: Finance Minister

Light at end of tunnel becomes brighter: Finance Minister

Light at end of tunnel becomes brighter: Finance Minister

Turkey’s economy will prosper as employment levels increase and inflation rates are expected to sharply drop, Treasury and Finance Minister Berat Albayrak said on May 12.

“Turkey will have reached a more poised and decent point at the end of 2019, especially in inflation and unemployment. We are entering a period where employment will increase even more,” said Albayrak, speaking on a television program on CNN Türk.

According to the figures Albayrak has provided, based on social security registrations, at least 520,000 more people became employed in March and April.

“Turkey has gone through tough times, yet, the end is coming closer step by step. The light at the end of the tunnel becomes brighter,” he said.

With a new economic program, Turkey has taken a step towards a more stable process, according to Albayrak, who asserted that interest rates of 40 percent in September have decreased to 20 percent and will fall even more.

“We have made a stride towards employment in February. We will see sharp drops in inflation rates,” he said.

“Current account deficit nearly hit 60 billion last year. By the end of [May], it will nearly be zeroed. We took steps to minimize external factors’ impact on the economy,” he added.

The minister also stressed that 2020 and 2021 will be better for Turkey as the fluctuations of 2018 will be warded off.

Turkey will enter a more efficient and balanced period if nothing globally happens to affect inflation and employment rates, Albayrak said.

“We are aiming for a more Turkish Lira-centered process in the forthcoming period. Of course, fluctuations have impacts. We can say that, especially our import houses are affected,” he said.

The last eight months have passed with important steps taken for Turkey’s economy, the minister said, adding that Turkey has reduced its fragility in this sense.

“Turkey was tested in many ways, and we are rising from these much better. Turkey and its institutions are aware of everything,” he said.