“I am an economist,” said the Turkish president, who did not study economics. “The shelves are not empty in the markets in my country. But the shelves are empty even in the US, France and Germany,” he said
The Turkish president Tayyip Erdogan said inflation was not an “insurmountable economic threat” adding that it would begin to fall at the end of the year after rising to more than 80% in August.
As part of Erdogan’s economic program, Turkey has gradually reduced interest rates by 500 basis points at the end of last year, causing a currency crisis. In August, it cut them by another 100 basis points, to 13%.
The big fall in the Turkish lira, down 44% last year and 27% so far this year, has pushed up prices and, along with rising global energy and commodity prices, pushed inflation to a 24-year high .
“Inflation is not an insurmountable economic threat. I’m an economist”said Erdogan, who did not study economics.
Speaking to the PBS station, Erdogan stated that inflation will fall after the end of the year. This view is shared by economists, who say that the annual rate of inflation will decrease from December, given the large price increases during last December, while on a monthly basis prices will continue to rise.
Erdogan added that some countries are threatened by inflation of 8%-9%, while Turkey’s inflation is around 80%.
“The shelves are not empty in the markets in my country. But the shelves are empty even in the US, they are empty in France, they are empty in Germany. My citizens can find any type of product they want in the market,” Erdogan said, according to the text of his interview released by the Turkish presidency.
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