ISTANBUL

Türkiye's President Recep Tayyip Erdogan stated Friday that annual inflation in the country has fallen to a 40-month low in April, and it will continue to fall.

“Annual inflation has fallen uninterruptedly for 11 months. In April, we reached the lowest level of the last 40 months. God willing, it will continue," he said during a business body meeting in Istanbul.

Erdogan stated that the current account deficit is declining steadily, and excluding gold, Türkiye has a current account surplus.

"The fall in oil prices is working in our favor, bringing down both inflation and the external deficit. We are also at historic levels in employment. Our unemployment rate dropped to 7.9% in March. This rate is 6.5% for men and 10.6% for women. These figures point to the lowest level of the last 20 years,” he said.

The president emphasized that the country continues on its path with a sustainable and inclusive growth target that goes beyond short-term fluctuations.

He also touched on the recent fluctuations in the global economy and said the storm in the global economy will take time to calm.

"We see that the global economy is trying to navigate a stormy sea. It will take some time for the stones to settle and the waters to calm down,” the president added.

Erdogan stated that fear of inflation has become the main determinant of economic policies in many countries around the world, including advanced economies.

"It is understood that the atmosphere of uncertainty will continue for a while with the negative impact of the escalating confrontations over tariffs," he said.

Türkiye's annual inflation rate slowed to 37.8% in April, the lowest since December 2021, when it was 36.08%.