August 26, 2022
In the second quarter of 2022, according to Treasury and Finance Minister Nureddin Nebati, the economic growth rate is anticipated to be more than 7.3 percent.
“First-quarter economic growth was 7.3 percent. In an interview with for-profit broadcaster NTV on August 23, Nebati stated, “We are anticipating a growth rate over that in the second quarter.
The minister added that there has been a sizable influx of cash into the nation, which is reflected in the rise in the Borsa Istanbul benchmark index and trading volume, that the expansion is based on a balance between domestic and foreign commerce.
The current account deficit, which stood at $32.7 billion as of June and was $13 billion last year, was mentioned by the minister as being easily financed by Turkey.
The base impact will cause the annual inflation rate to start declining in December, and this pattern will last through 2023, according to Nebati.
President Recep Tayyip Erdoan stated after a cabinet meeting on August 22 that Turkey needs to grow investments, employment, production, and the current account surplus rather than raising interest rates. He also urged people to deposit their savings in Turkish Lira bank accounts.
Source: Hürriyet Daily News
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