Ambassador Erciyes: Turkish Economy Is Sound And Strong Even After The Coup Attempt

Beyrut Büyükelçiliği 01.08.2016


Turkish Ambassador Cagatay Erciyes made the following remarks today (1 August) in reply to questions from Press about the Turkish economy in the aftermath of the 15 July coup attempt.

I don’t think that 15 July coup attempt by Fethullah Gulen Terrorist Organization will have a medium or long term negative impact on the Turkish economy which is currently the 18thlargest in the World.

In the first week, there was a downwards trend in the market, but this has been completely changed in a positive sense.

Just after the coup attempt, Turkish Lira lost around % 5 value against major foreign currencies, but has recently picked up again and reached normal pre-coup attempt levels. A similar situation is currently being witnessed in the Istanbul Stock Exchange.

Despite all odds, Turkey’s macroeconomic indicators remain to be safe and strong.

Economic growth was recorded % 4, 8 in the first quarter of 2016 which puts Turkey among the five fastest growing economies in the world. We also foresee a robust growth for the rest of the year.

The current deficit continues to be shrinking and debt to GDP ratio is around % 30 which is well below the EU and OECD average, which is around % 116 and % 93 respectively.

Financial discipline will continue to be strictly observed. Banking system in Turkey is strong and sound. Capital adequacy ratio is around %15,5.

The Turkish Government has reaffirmed its commitment to continue economic reforms to increase savings, investment, employment, production and exports.

Major infrastructure projects will also continue unabated.

On 26 August, the third bridge in Istanbul namely Yavuz Sultan Selim and on 29 December Euro-Asia Underwater Tunnel connecting Europe to Asia will be in inaugurated. First phase of the 3rdIstanbul Airport, which will be the largest airport in the world, will be completed in 2018. Groundbreaking ceremony for Çanakkale Bridge connecting Europe to Asia, which will be the world’s longest, will take place in 2016.

Hakan Çakıl Ambassador
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