During the coronavirus crisis, Turkey, among countries of the EU, the G20, and Organization for Economic Cooperation and Development, boasted the strongest growth performance, said the country’s treasury and finance minister on Friday.
Turkey’s economy grew 4.5% year-on-year in the first quarter of 2020.
“The data reveal that the strong recovery in [Turkey’s] economy continued in the first quarter,” said a statement by Berat Albayrak, adding that this showed the success of Turkey’s fight against coronavirus.
He said leading indicators show that the worst is behind Turkey and the economic recovery has begun.
With the onset of the normalization process, he added, Turkey will realize its potential with a recovery in consumer and investor confidence and stability in domestic financial markets.
“I estimate that economic activity will return to its potential level in the last quarter of the year, completing 2020 with a positive growth performance,” he said.
Pointing to a new growth model focused on domestic production and exports, he stressed that Turkey’s government will continue to prioritize the real sector and industrialists and boosting production and employment with innovative high added value.
“Thus, we will achieve our sustainable current balance, potential growth, and low inflation targets simultaneously with the coordination of monetary and fiscal policies,” he concluded.
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