Tue, 29 Nov 2022

ISTANBUL, Sept. 30 (Xinhua) -- Turkish President Recep Tayyip Erdogan said on Friday that Türkiye is successfully running its economic program amid a series of global challenges and is on the "right track."

"We have proven that we are on the right path with the resilience we have displayed in the face of the global economic crisis that started with the pandemic and expanded with the war," Erdogan said, referring to the COVID-19 pandemic and the crisis in Ukraine.

Speaking at the Economic Transformation and New Paradigms Summit in Istanbul, the Turkish leader said the country has accurately charted "a new path for ourselves by analyzing the developments in the world and our region, the place of our country in this picture, and our opportunities and difficulties."

The two-day summit, which kicked off on Thursday, mainly focused on new trends in economic policies in the post-pandemic period, according to the state-run Anadolu agency.

Türkiye has long been struggling against persistently high inflation and devaluation of its currency against the U.S. dollar.

Erdogan is making clear that he favors low-interest rates despite these challenges, noting that the move will boost investments and economic growth.

Turkish central bank has cut its policy rate by 100 basis points twice in August and September to 12 percent.

Erdogan said on Thursday in the capital Ankara that the interest rate should go down further in the upcoming period.

Türkiye's annual inflation rate hit 80.21 percent in August, the highest level in 24 years, while the lira lost around 28 percent of its value this year against the greenback.

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