Erdogan says each firm should hire one jobless person while addressing business leaders in a speech.

Erdogan speaks at an award ceremony in Istanbul on May 8, 2016.
Erdogan speaks at an award ceremony in Istanbul on May 8, 2016. (TRT World and Agencies)

Turkish President Recep Tayyip Erdogan on Sunday came up with a novel scheme to help the country's unemployed, saying that every company should take on one unemployed person.

Turkey's main private sector organisation, the Union of Chambers and Commodity Exchanges of Turkey (TOBB), has around one-and-a-half million members, Erdogan said in a speech to business leaders.

"If each member takes on one person... that would mean work for 1.5 million unemployed people," he said.

"Unfortunately, we cannot take our money to the grave. It remains here. In that case, let's give work to those who don't have any," he told a conference on health and work security in Istanbul.

"What would a company lose?" he asked rhetorically.

"Will it collapse if it hires one person? No, on the contrary, it will benefit. It's as simple as that," he concluded, to measured applause from the assembled business leaders.

The president had made repeated calls on Turkey's central bank to lower interest rates in the past.

New data pointed out that annual inflation declined for four months in a row, suggesting there may be a green light for the Turkish Central Bank to continue rate cuts.

Standard and Poor's on Friday upgraded its outlook for Turkey's credit rating, judging the prospects for the nation's economy to be stable despite some political fluctuations.

Source: TRTWorld and agencies