If everything is stable, inflation will not be so high if commodity prices do not rise that much.

Minister of Commerce Mehmet Mu attended the regular meeting of the Istanbul Industrial Council (ICI) General Assembly in March. The conference was held with the main agenda of “Development of the World Economy and the Problems Facing Russia’s Economy, Exports and Industry”. Ukrainian War and the Search for Solutions “.

Mush expressed his joy in being with an ISO businessman and evaluated the world economy and the Turkish economy.

Mentioning Turkey’s 2021 export value, Musch said:

“No one expected that the current Russian-Ukraine crisis would begin this year, and that would happen, so we set goals accordingly. The President exceeded the goals of the medium-term program and exported this year. We have set our forecast to 250. The forecast predicts that Ukraine’s current account deficit, which was $ 14.8 billion last year, will disappear this year and gradually turn into the black.

Unfortunately, developments, especially extreme commodity price hikes, global uncertainty and rising global inflation, inevitably have a negative impact on all countries. The recent Russian and Ukrainian crises are also in our region, with an amount equivalent to about 10 percent of our foreign trade. We strive to maintain this trade, but this crisis is inevitably affecting us. Despite all these circumstances, Turkey will continue to follow its path without deviating from its goals.

Mr. Mush said the decisions made during difficult times were decisive and it was important to control the country under unusual circumstances.

Inflation figures

Mr. Mush said the world has experienced the highest inflation in the last 40 years, pointing out that Turkey is also affected by this situation, pointing out rising production costs, “as oil, natural gas and raw materials. The energy prices of other products in use have a profound impact on domestic and global inflation, which should be taken into account when assessing, assessing and analyzing the situation. If everything is stable, inflation will not be so high if commodity prices do not increase that much. Globally, our own inflation rate will be at a much more reasonable level. We must act with these parameters in mind in stages. “

“Free Market” Guarantee

Noting that both the government and the Ministry of Commerce and Industry continue to support industrialists, Mush concludes his speech with:

“The steps we take are rational within economics. No one should expect us to have unreasonable attitudes or behaviors. All businessmen and entrepreneurs invest and produce accordingly. We want regulated trade. Turkey is dominant, has embraced the free market regime, has never made concessions, and has acted against this rule. No. Our expectation is to act as everyone follows. The rules of this market. There are some speculative moves. We do what we need about them. Our businessmen who adhere, we are always with our merchants, but we do not tolerate inconsistencies. “

After the speech, the continuation of the meeting took place near the press.