Erdogan and Simsek Vow to Tame Turkey’s High Inflation: A Presidential Pledge Amid Elections

In the face of high inflation, Turkish President Recep Tayyip Erdogan and economy czar Mehmet Simsek have pledged to continue their efforts to bring it down to single digits. Despite potential backlash from the public against the government’s economic policies, Erdogan has made addressing inflation a top priority in the run-up to the next presidential and parliamentary elections in 2023.

Simsek was appointed treasury and finance minister after Erdogan’s reelection in May 2023, with the task of resolving the economic challenges caused by Erdogan’s low-rate policy, particularly the soaring inflation. With foreign market actors watching closely, both leaders emphasized their commitment to implementing measures to control inflation and ensure stability in Turkey’s economy.

To achieve this goal, Simsek outlined a strategy that includes controlling public sector spending, prioritizing saving, implementing tight monetary policies, and adopting selective credit and income policies. Both Erdogan and Simsek are determined to see positive results from their economic program by the second half of the year. Their focus on addressing inflation is seen as essential for rebuilding confidence in Turkey’s economy and ensuring its stability moving forward.