Erdogan: We have elevated Turkiye to ranks of trillion-dollar economies

Turkish President Recep Tayyip Erdogan said yesterday that successive Justice and Development Party (AKP) governments, which have been in power since 2002, have raised Turkiye to the ranks of trillion-dollar economies, according to Anadolu news agency.

Speaking at the AKP’s eighth general congress in Ankara, Erdogan stated: “We have increased our national income, measured in dollars, sixfold by boosting investment, production, and exports, and we have elevated Turkiye to the ranks of trillion-dollar economies.”

He explained that per capita income in Turkiye rose to $13,243 by the end of 2023 and is expected to exceed $15,000 once the 2024 data is released. He added that inflation is expected to continue declining, which will strengthen purchasing power and positively impact the country’s 85 million citizens.

The Turkish president noted that the central bank’s foreign reserves surpassed $173 billion, reaching the highest level in the republic’s history.

Erdogan also stated that Turkiye is on the brink of a major economic leap, adding that regional developments are likely to facilitate and accelerate this progress.

He further highlighted that Turkiye has become the world’s leading producer of drones and ranks 11th globally in defence industry exports.

According to Erdogan, Turkiye’s share of the global economy has risen from 0.7 per cent to 1.1 per cent, while the value of high-tech industrial products has increased from $95 billion to $320 billion.

READ: Turkiye ranks 11th globally in defense industry exports: President Erdogan