Turkish Minister confident on economic prospects

Turkish state minister for economy said soaring oil prices were the main reason behind the hike in Turkey's inflation rate, which climbed in May to 10.74 percent, the first double-digit figure in 13 months.

Turkish Minister confident on economic prospects
Turkish state minister for economy voiced optimism on Friday over the future of his country's economy amid an international financial turbulence and domestic disputes.

"Turkey is walking on a tough path in terms of both the global situation and the internal political outlook. But that does shift our expectations for the future: Inflation will go down and current account deficit will drop," Mehmet Simsek told a meeting on innovation hosted by the American Business Forum in Turkey.

Simsek said soaring oil prices were the main reason behind the hike in Turkey's inflation rate, which climbed in May to 10.74 percent, the first double-digit figure in 13 months.

"Inflation rate will go down but of course not in the short term," Simsek said.

AA
Last Mod: 13 Haziran 2008, 16:59
Add Comment