Turkiye affected by global economic challenges: President

'Extreme increases in global commodity prices, especially energy and food, are affecting us, as well,' says President Erdogan.

Turkiye affected by global economic challenges: President

Turkiye's economy has been facing the threats of exchange rate movements, discussions on the interest rate, and the rise in inflation, "an issue of the entire world," the country's president said on Saturday.

"Extreme increases in global commodity prices, especially energy and food, are affecting us, as well," Recep Tayyip Erdogan said via video link to the inauguration ceremony of a new highway built in southeastern Turkiye.

Increased activity in the agriculture, tourism, and construction sectors would boost employment in the country, Erdogan told the participants of the ceremony being held in Malatya province.

"As of this summer, Turkiye will start moving faster towards its investment, employment, production, export, and current account surplus targets," he said, adding that the country would do so having strengthened its international standing and by "making progress in its fight against the cost of living."

Erdogan pointed out that the world is grappling with many crises, including the pandemic, war, migration, discrimination, economic shocks led by the energy and food sectors, and social turmoil.

"We're working with all our strength to get our country out of this challenging period as a symbol of justice, equity, peace, and prosperity," he said.  

Intense efforts to end Russia-Ukraine war

Later in the day, Erdogan addressed the families of Turkish security personnel killed in action or on duty in Istanbul during a fast-breaking meal amid the Muslim holy month of Ramadan.

"We are making intense efforts to end the ongoing war between Russia and Ukraine, with which we have close humanitarian, political, economic, and historical relations," Erdogan said.

"We especially wish that this war, whose negative repercussions we have felt, will come to an end as soon as possible, as it destabilizes the balance of global trade in many areas, from energy to food," he added.

The Russian war against Ukraine, which started on Feb. 24, has been met with international outrage, with the EU, US, and Britain, among others, implementing tough financial sanctions on Moscow.

At least 1,325 civilians have been killed in Ukraine and 2,017 injured, according to UN estimates, with the true figure feared to be far higher.

More than 4.1 million Ukrainians have also fled to other countries, with millions more internally displaced, according to the UN refugee agency.