Turkey has reached its pre-pandemic level of employment, according to Treasury and Finance Minister Nureddin Nebati. Speaking at the traditional iftar meal hosted by the Independent Industrialists and Businessmen Association (MUSIAD) in Ankara, Nebati said the Turkish economy grew by 1.8% in 2020 when the pandemic was intensely experienced, and by 11% in 2021 when exports exceeded USD 225bn. Stressing that exports, which totaled USD 22.7bn in March, are continuing to accelerate this year, Nebati added: “The leading indicators such as the Capacity Utilization rate show that the economic boom is continuing and that the Turkish economy will have good growth in the first quarter.”
Touching on inflation, Nebati said the world faces inflation due to the adverse impacts of the pandemic and the surge in commodity prices stemming from the Russia-Ukraine war. “This problem will be resolved as public finance measures are implemented and all stakeholders then support them,” Nebati noted. “Sooner or later, we’ll overthrow inflation together, just as foreign exchange (FX) rates have stabilized and the interest rate has been taken off the agenda. We’ll break the inertia of inflation by developing instruments such as alternative investment tools. We’ll see that inflation will fall to a modest level at the end of the year and the drop will continue,” the Treasury and Finance Minister added.
Ukrainian President Volodymyr Zelenskyy said Turkey is ready to evacuate wounded and killed defenders of the besieged city of Mariupol via boat. Zelenskyy told journalists that Ukraine reached an agreement with Turkey to transfer the wounded and killed to Berdiansk, a coastal city some 69 kilometers (43.3 miles) from Mariupol. “We are waiting for approval from Russian President Vladimir Putin. This moment depends on him,” he noted. He added that all infrastructure for the operation is ready. Earlier, Defense Minister Hulusi Akar said Turkey could provide marine support for the evacuation of civilians and the wounded from Mariupol.
Turkey’s benchmark stock index Borsa Istanbul ended Tuesday with a new record-high close of 2,326.29 points, up 0.64%. Starting the day at 2,321.61 points, BIST 100 index gained 14.89 points from Monday’s close of 2,311.40 points. Borsa Istanbul positively differentiates from global equity markets, which are fluctuating due to ongoing uncertainties over the war and increasing inflationist pressures, according to analysts. They also stated that 2,290 and 2,250 points will be the support level and 2,400 points will be the resistance level, in technical terms, for the BIST 100 Index.
The Union of Chambers and Commodity Exchanges of Turkey (TOBB) will release capacity reports for the manufacturing industry.
The Parliament will continue to discuss a legislative proposal on amendment of some laws (2.00 pm).
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People have never found the inflation that is released by the government credible. However, credibility has never been as low as it is now. But why? Our Eco Analysis Columnist Alaattin Aktas answers this question.