Warning about the dangers of high interest rates, Turkish President Erdogan says generating employment, boosting exports, production and investments are not possible with high interest rates.

Turkey's President Recep Tayyip Erdogan makes a speech as he attends economic forum, organised by Turkish Union of Chambers and Commodity Exchanges (TOBB), on November 18, 2020 in Ankara, Turkey.
Turkey's President Recep Tayyip Erdogan makes a speech as he attends economic forum, organised by Turkish Union of Chambers and Commodity Exchanges (TOBB), on November 18, 2020 in Ankara, Turkey. (AA)

Turkey's President Recep Tayyip Erdogan has said that the country would concentrate much more on production, investment, employment, and exports for the economic growth of the country. 

"There is a new era ahead of us now," said Erdogan, while addressing an economic council meeting of the Turkish Union of Chambers and Commodity Exchanges in the capital Ankara on Wednesday.

The government will proceed by maintaining fiscal discipline, with a growth and employment-oriented approach, he said.

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Ensuring price stability

Noting that financial and price stability are to be simultaneously ensured, Erdogan said that immediately cutting inflation down to the single-digits would be the government's top priority.

He said Ankara will continue to provide all suitable conditions for both domestic and international investors.

"We will see that our country stands out positively in production, employment, export, and growth," said Erdogan.

The president underlined that Turkey would end the third quarter with a strong economic growth thanks to leading data for September.

"I believe we'll end the year with positive growth, despite the ongoing challenges due to the coronavirus outbreak," said Erdogan.

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Interest rates

Erdogan warned about the dangers of high interest rates ahead of the central bank rate decision on Thursday.

"We should not allow our investors to be crushed by high interest rates," he said.

He noted that generating employment, boosting exports, making production and investments are not possible with high interest rates.

"We give great importance to discussing with our business circle on all matters related to the economy," Erdogan said.

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Source: TRTWorld and agencies