Türkiye’s Minister of Finance and Treasury, Mehmet Şimşek, reiterated the government’s firm commitment to combating inflation and ensuring long-term economic stability during his address at the annual Istanbul Economic Summit on Friday.

Speaking before an audience of business leaders, policymakers, and international delegates, Şimşek outlined global economic trends, Türkiye’s trade outlook, and the strategic measures being implemented to bolster the nation’s financial resilience.

“The global economy has shown remarkable durability despite persistent uncertainties,” Şimşek said. “Last year, growth among our major trade partners stood at around 2%, with projections of 2.2% this year and approximately 2.3% next year. In such volatile conditions, this resilience is invaluable.”

He noted that concerns earlier this year about a sharp slowdown in global trade did not materialize. “In April, significant concerns emerged, but they did not come to pass. Forecasts for 2026 are slightly tempered, yet a path of moderate growth persists,” he added.

Highlighting Türkiye’s strong trade ties, the minister emphasized that Europe, the Middle East, and North Africa together account for 80% of the country’s exports. Sustained moderate growth in these regions, he said, remains a crucial pillar supporting Türkiye’s economic performance.

Addressing developments in commodity markets, Şimşek said that non-energy prices are expected to rise modestly, while energy costs are set to ease. Citing International Monetary Fund (IMF) projections, he stated, “Crude oil is expected to average around $69 per barrel this year, declining to about $66 next year.”

In his closing remarks, the finance minister reaffirmed the government’s determination to curb inflation and ensure lasting macroeconomic stability. “Türkiye has already taken decisive actions in this battle, and we will persist with unwavering determination to deliver enduring economic stability,” Şimşek declared.

The Istanbul Economic Summit, a premier annual event, brings together senior government officials, economists, and business executives to discuss macroeconomic trends, investment opportunities, and policy strategies shaping Türkiye and the wider region. (ILKHA)