Economy

Erdogan says Turkish economy will grow more than 7% in 2021

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A merchant counts Turkish lira banknotes at the Grand Bazaar in Istanbul, Turkey, March 29, 2019. REUTERS/Murad Sezer//File Photo

ISTANBUL, Aug 4 (Reuters) – President Tayyip Erdogan said on Wednesday Turkey’s economy would grow more than 7% this year, driven by a 20% leap in the second quarter, and he expected inflation to fall after August.

The government and International Monetary Fund have forecast the economy to grow 5.8% this year as the country steers a rapid economic recovery after the coronavirus outbreak.

“We will reach more than 7% growth this year…We think there will be around 20% growth in the second quarter,” Erdogan said in a broadcast interview.

Erdogan also said Turkish inflation, which hit 18.95% in July, will start falling after August and the interest rates will also be lowered.

“It is not possible for inflation to go further up. We will start to see a fall in interest rates too,” Erdogan said reiterating his longstanding opposition to high interest rates, which he blames for causing inflation.

Reporting by Ezgi Erkoyun, Editing by Dominic Evans

Our Standards: The Thomson Reuters Trust Principles.

Read more at www.reuters.com

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